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TAX SAVINGS

Are Travel Expenses Deductible When On A Long-Term Project?

By The BIDaWIZ Team on March 27th, 2015 at 5:09 pm

The short answer is that it depends. Generally, the rules for deducting travel and living expenses while away from home depend on how long the work is being performed away from your family home. Read More.

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TAX SAVINGS

Do You have Any Unclaimed Tax Refunds?

By The BIDaWIZ Team on March 13th, 2015 at 4:08 pm

If you haven’t filed your 2011 tax return and claimed your refund yet, you may be one of the 1.2 million taxpayers that are owed $1 billion in refunds. The IRS estimates more than half of the refunds are for at least $698. Read More.

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TAX SAVINGS

A Lesser-Known Way To Maximize Your Tax Deductions

By The BIDaWIZ Team on November 27th, 2014 at 11:47 am

Tax planning over the long-term should not just focus on your projected income in relation to expenses. Rather, the timing for the payment of those expenses in itself can easily yield thousands of dollars in tax savings. So, what is this lesser-known tax planning technique? Read More.

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TAX SAVINGS

When Can You Deduct Commuting Costs?

By The BIDaWIZ Team on November 7th, 2014 at 6:08 pm

Frequently, taxpayers question whether or not they can claim their commute as a tax deduction via the standard mileage provision. Although your daily commute to work is considered a personal expense, there are several instances in which a travel deduction can be claimed. .
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TAX SAVINGS

Are Condominium Common Area Expenses Deductible?

By The BIDaWIZ Team on April 20th, 2014 at 12:43 pm

Many baby boomers that are beginning retirement may be selling their homes to move into a condominium. Others may be motivated to purchase a condo for a secondary source of income. Whichever the case, new condo owners should maximize their tax savings when incurring various expenses. .
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TAX SAVINGS

Should My Mother Transfer Title To Her Home Now?

By The BIDaWIZ Team on April 2nd, 2014 at 10:06 pm

The answer to this question depends on many different factors and taxes alone shouldn't be the only concern when transferring property to your children. Having said that, a gift now may impact your children's tax liability later on. .
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TAX SAVINGS

We Now Know How The IRS Will Treat Bitcoins

By The BIDaWIZ Team on March 28th, 2014 at 4:55 pm

The uncertain future of bitcoins as a viable form of "currency" remains. Having said that, the IRS has in many respects given this form of "currency" some legitimacy by ruling how it should be recognized for tax purposes. The mere fact that the IRS is acknowledging bitcoins bodes well for the many bitcoin digital currency enthusiasts out there. Still, how does the IRS ruling impact your taxes? .
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TAX SAVINGS

Do You Have Any Unclaimed Tax Refunds?

By The BIDaWIZ Team on March 21st, 2014 at 6:32 pm

If you haven’t filed your 2010 tax return and claimed your refund yet, you may be one of the 918,600 taxpayers that are owed $760 million in 2010 tax refunds. The IRS estimates more than half of the refunds are for at least $571. Read More.

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