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TAX PLANNING, TAX SAVINGS

The Wealthy Should Prepare For The Expiring Gift Tax Exemption

By The BIDaWIZ Team on May 11th, 2012 at 3:00 pm

Wealthy individuals that are seeking to pass along their wealth to their children and grandchildren need to be mindful of a major tax break that is set to expire at the end of 2012. Most of us know that we can gift up to $13,000 per year ($26,000 per married couple) to anyone tax-free. But, there is something else called the lifetime gift tax exemption that allows individuals to gift much more tax-free. .
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TAX PLANNING

At 50, You Can Stash More Money Into Your Retirement Account

By The BIDaWIZ Team on May 9th, 2012 at 1:30 pm

Most of us are familiar with the benefits from contributing to a individual retirement account (IRA) or 401(K) plan early in life. In a nutshell, it prepares you financially for when you retire. Fortunately, lawmakers realize that not everyone is able to stash as much into their retirement accounts as they would like to early in life. Those turning age 50 and beyond, may be able to benefit from contributing more to their retirement accounts than when they were younger. .
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TAX PLANNING

Tax Tips When Withdrawing From Your Roth IRA Early

By The BIDaWIZ Team on April 27th, 2012 at 3:00 pm

Back in 2010, many taxpayers with traditional IRAs, were given the opportunity to convert to a Roth IRA, which grows tax-free. Now those same taxpayers under the age of 59 1/2, may want to withdraw funds from their Roth IRA without paying tax or facing a penalty, which is possible. Read More.

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MORTGAGES, TAX PLANNING

Major Tax Break May Expire For Homeowners That Are Underwater

By The BIDaWIZ Team on April 10th, 2012 at 5:00 pm

The February 2012 existing home sale figures indicate that 34% of the homes sold were at deep discounts (20% due to foreclosures and 14% due to short sales). Homeowners that are currently underwater need to be aware of the tax break that is scheduled to expire at the end of 2012. Read More.

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TAX PLANNING

Will The Dividend Tax Rate Rise in 2013?

By The BIDaWIZ Team on April 5th, 2012 at 6:00 pm

We're back to the waiting game of trying to figure out if the dividend tax rate will rise as scheduled on January 1, 2013. Back in 2010, we were in this same predicament but Congress decided to kick the can down the road and extend the Bush tax cuts. Will it happen again? Either way, let's explore the consequences so we can prepare for each outcome. .
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TAX PLANNING

The 2011 IRA Contribution Deadline Also Impacts High Income Earners

By The BIDaWIZ Team on April 3rd, 2012 at 4:00 pm

The April 17th deadline for individuals to file their tax returns is quickly approaching. That's not the only deadline that tax filers should be thinking about. IRA holders (both Traditional & Roth) have until the tax filing deadline to contribute to their retirement accounts. .
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TAX PLANNING, TAX PREPARATION

When is the Actual Deadline to Contribute to My 401(K)?

By The BIDaWIZ Team on March 2nd, 2012 at 12:00 pm

There is quite a bit of confusion going around the web about the deadline to contribute to a 401(k) plan. Much of the debate can be resolved by noting the difference between a Traditional and a Solo 401(K). .
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TAX PLANNING

What is a Spousal IRA and Should I Open One For My Spouse?

By The BIDaWIZ Team on February 23rd, 2012 at 11:00 am

When we think about an IRA, our initial reaction is that we need to have earned income to contribute to the account. However, spouses that stay at home, were laid off, or are just taking time off from work, can also benefit from a spousal IRA. Read More.

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MORTGAGES, TAX PLANNING

How Will A Short Sale Impact My Credit Score And Tax Liability?

By The BIDaWIZ Team on February 17th, 2012 at 1:00 pm

The December 2011 home sale numbers indicated that 13% of the 4.61 million homes sold were part of a short sale (19% were in foreclosure). These sales have potentially significant consequences to the homeowner's credit score and they often have questions about the tax impact too. .
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TAX PLANNING

Are Your Frequent Flyer Miles Now Taxable?

By The BIDaWIZ Team on February 2nd, 2012 at 12:00 pm

The constant changes airlines are implementing to their frequent flyer programs should not be the only thing to worry about for your miles. Now, you could actually also be on the hook for taxes. Read More.

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