Expert Advice on Accounting & Financial News

BANKING

Should I Switch to a No Fee Bank?

By The BIDaWIZ Team on October 6th, 2011 at 6:00 pm

Back in August, we wrote a piece entitled, “The New (Reduced) Debit Card Swipe Fees Are Coming to Retailers,” highlighting the consequences for the Federal Reserve voting to reduce the amount of debit card interchange swipe fees banks could charge retailers. Just as we had expected, big banks rolled out all sorts of new debit and checking account fees to recoup some of the losses. However, because of the backlash they received from major social media campaigns including a designated bank transfer day, the banks recanted. So, with all the noise and the potentials for other fees in the future, should you consider switching to a no fee bank? Read More.

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INVESTING

What Happens to My Profit Sharing Plan if I Get Fired?

By The BIDaWIZ Team on October 4th, 2011 at 4:00 pm

Many companies offer employees either a 401(K), profit-sharing plan or other type of defined contribution plan to tie employee interests to the success of the company. Benefit plans also happen to be the second largest asset that most employees accumulate during their lifetime; second to a home of course. Yet, employees often know very little about their rights and the terms of their plans. Especially, in the case of being laid off or fired. .

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FINANCIAL ADVICE

Am I Selling my Goods and Services for the Right Price?

By Susan Ladika on September 30th, 2011 at 3:30 pm

At a time when consumers are concerned about every penny they're spending, it's imperative that your products be priced properly. While it might be tempting to set a low price, that can be just as dangerous as pricing your product too high. If you don’t establish a high enough price, you may not be able to make enough to cover your costs, let alone turn a profit. Too low a price also can give the impression that what you're selling is of poor quality. .

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TAX BREAKS

The 2011 Small Business Tax Breaks Set to Expire, Unless…

By The BIDaWIZ Team on September 29th, 2011 at 3:00 pm

Year end is quickly approaching which means small business owners should be finalizing their tax planning strategies for December and into 2012. There are several tax benefits that may expire or be significantly reduced in 2012 but President Obama's proposed jobs plan could extend those breaks and more. .

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PERSONAL FINANCE

What’s the Best Type of Student Loan?

By The BIDaWIZ Team on September 26th, 2011 at 5:00 pm

Student loan default rates are on the rise with the Department of Education reporting an increase of 1.8% or 8.8% in FY09 up from 7.0% in FY08. The data represents a total of 320,000 students defaulting on their loans of the 3.6 million borrowers from the period of October 1, 2008 to September 30, 2010. In addition, the 8.8% default rate doesn’t account for those students that have fallen behind on their payments. Given these staggering statistics and the rising cost of tuition, are there any student loans that you would recommend for those planning to attend college? Read More.

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NEGOTIATION

Negotiating Your Rent in a Tough Market

By The BIDaWIZ Team on September 23rd, 2011 at 4:00 pm

The recovery in the rental market over the past year has continued to build with increases in both rental prices and occupancy rates in almost all 82 US markets. There also doesn't appear to be any softening in sight with home ownership levels continuing to fall and more renters in the market. This means your rent is likely to go up when it's time to renew. But, there are certainly actions you can take to try to negotiate your rent. .

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CREDIT CARDS

How Should I Dispute a Credit Card Charge & Can I Get Penalized?

By Susan Ladika on September 22nd, 2011 at 5:30 pm

My credit card was charged $100 for office supplies I ordered online, when the amount I owed was actually $35. The office supply company doesn't respond to my phone calls and emails. What can I do? You did the right thing by using your credit card to make that purchase. Credit cards can offer protections that you don't have if you shop with a debit card. It's often quite easy to enlist your credit card issuer's assistance if you're involved in a dispute. .

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FINANCIAL ADVICE

What Should Small Businesses Know About Virtual Phone Systems?

By Susan Ladika on September 16th, 2011 at 4:15 pm

A virtual phone system or virtual PBX is a low-cost alternative to traditional telephone systems that still allows small businesses to project an impressive image to clients and business partners. There’s no need to maintain and install extra hardware, and you can get features like a professional greeting when the phone is answered, have calls routed to various extensions, receive unlimited fax service and have calls routed to mobile phones and online voice mail. .

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INVESTING

Pay Attention to Asset LOCATION to Save on Taxes

By The BIDaWIZ Team on September 15th, 2011 at 8:00 pm

We often hear investment gurus recommend various asset allocations based on the investor's time horizon, age, and wealth. Unfortunately, we rarely hear about asset location which is a shame since the right strategy can save investors on current and future tax liabilities. .

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TAX SAVINGS

What are the tax breaks for moving?

By The BIDaWIZ Team on September 14th, 2011 at 4:00 pm

Everyone that already moved or plans to move this year because of a new job or relocation needs know what tax breaks they can claim. The tax savings can easily exceed a few thousand dollars with most family moves costing $5,000 to $10,000. .

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