Trusted Answers From Licensed Business Professionals
The Wealthy Should Prepare For The Expiring Gift Tax Exemption
By The BIDaWIZ Team on May 11th, 2012 at 3:00 pm
What Tax Breaks Are Available When Selling A Home?
By The BIDaWIZ Team on April 27th, 2012 at 1:30 pm
Is It Better To Use Savings Bonds For Tuition or Student Loans?
By The BIDaWIZ Team on April 20th, 2012 at 3:00 pm
Students that are debating how to pay for their tuition and loans, have an important decision ahead of them. If they have Series EE US Savings Bonds, they need to decide if they should use their bonds for tuition or to pay off their student loans. Read More.
What Steps Should I Take to Fix an Incorrect Tax Refund?
By The BIDaWIZ Team on April 13th, 2012 at 3:00 pm
Why Is My Tax Refund So Much Lower This Year?
By The BIDaWIZ Team on April 13th, 2012 at 11:00 am
Those taxpayers that already filed their returns should have received a tax refund by now if they paid too much in withholding taxes. Most of us are almost programmed to expect a big tax refund in April or May. This is why many taxpayers find themselves perplexed when their tax refund is much smaller than expected even though their income was similar to last year. Read More.
These Expenses Are Surprisingly NOT Deductible
By The BIDaWIZ Team on April 11th, 2012 at 4:30 pm
We’re in crunch time now with tax season as personal returns or extensions must be filed by next Tuesday, April 17th. Before filing, tax filers should review the return carefully to make sure that all of the expenses claimed are in fact tax deductible. Read More.
There are many taxpayers that actually claim their pets as a dependent on their tax returns. To set the record straight, in almost all circumstances, a pet is not a valid tax deduction. However, there are certain instances in which the pet can be deductible. Find out if your pet qualifies. Read More.
Are There Any Tax Breaks For Owning a Vacation Home & Renting It?
By The BIDaWIZ Team on April 4th, 2012 at 10:00 pm
Sometimes taxpayers that own vacation homes miss out on some valuable tax breaks. This may impact you because believe it or not, the IRS considers many types of dwellings a vacation home: house, condo, co-op, RV, house trailer, and even a boat with cooking, sleeping, and restroom amenities. What are the potential tax breaks and should I also consider renting it out? Read More.
What Types of Travel and Entertainment Expenses Can You Writeoff?
By The BIDaWIZ Team on March 16th, 2012 at 2:00 pm
Some of the most significant expenses that small businesses can deduct relate to travel & entertainment. Unfortunately, the tax code doesn’t make it very easy for us to identify what we can & cannot deduct on our return. Read More.
Tax Breaks for College Students and Their High Income Parents
By The BIDaWIZ Team on March 15th, 2012 at 11:30 pm
There are a few valuable tax deductions and credits that parents and students can take advantage of for the 2011 tax year. Parents that are even high income earners can pass along certain tax breaks to their college kids. Read More.
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