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Trusted Answers From Licensed Business Professionals
TAX PREPARATION

Should I Use an Online Tax Software Program to File My Return?

By The BIDaWIZ Team on April 1st, 2011 at 1:06 pm
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There are only 2 weeks left until personal income tax returns are due on April 18th. As you might expect, many last minute taxpayers are finalizing theirs plans on how to prepare their return. While hiring a CPA or Enrolled Agent (EA) is typically the easiest and least risky way to file, it may not be the most economical. Instead, many taxpayers are likely seriously considering using an online tax software program (i.e. TurboTax or H&R Block Online) because they seem to be quick, easy and cheap or at least the commercials make it seem so. We decided to take a deeper look at the online tax software programs and see how they compare to using a CPA or Enrolled Agent. Read More.

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TAX SAVINGS

I’m Due a Tax Refund for 2007, But I Never Filed. What Do I Do?

By Susan Ladika on April 1st, 2011 at 9:43 am
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Sounds like you’re one of the lucky ones – more than 1 million people are owed more than $1.1 billion in tax refunds from 2007. The IRS estimates more than half of the refunds are for at least $640. In California alone, 124,000 people are owed refunds. But the clock is ticking, so you’d better act fast if you want your share of the cash. You need to file a return for 2007 no later than April 18, or your luck will run out. Read More.

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TAX PLANNING

Can Exercising Stock Options Trigger Alternative Minimum Tax?

By Susan Ladika on March 25th, 2011 at 11:55 am

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If your company issued stock options to you as part of your compensation package, and you decided to exercise your options, it doesn't necessarily mean it will automatically trigger the alternative minimum tax (AMT). It depends in part on the type of stock options you have. .
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TAX PREPARATION

I Forgot To Report Income On My Tax Return. What Should I Do?

By The BIDaWIZ Team on March 17th, 2011 at 3:15 pm

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Once you discover an error on your tax return, you need to correct it, even if that means ultimately having to pay more tax. Mostly likely you'll need to file amended federal and state tax returns, but there’s a slight chance you won't need to file an amended return. .
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TAX ADVICE

Why did I receive a K-1 for my IRA when I haven’t liquidated it?

By Susan Ladika on March 10th, 2011 at 5:07 pm

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As the federal tax filing deadline draws near, there are probably all kinds of tax documents popping up in your mailbox that you will need to have on hand to make sure your tax return is prepared correctly. One form that often makes an unexpected appearance is a Schedule K-1, which you will receive if your IRA owns an asset that generates unrelated business taxable income (UBTI). .
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BANKING

My neighbor was the victim of identity theft. How can I avoid it?

By Susan Ladika on March 7th, 2011 at 6:10 pm
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Unfortunately, it’s not unusual for someone to be the victim of identity theft. Last year, 8 million Americans were the ID theft victims, according to Javelin Strategy & Research. The positive is that the number of victims fell from 11 million in 2009, but the out-of-pocket cost per victim jumped from $387 in 2009 to $631 last year. Read More.

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EMPLOYMENT TAX

I Haven’t Received A Raise, So Why Is My Paycheck Bigger?

By Susan Ladika on February 24th, 2011 at 12:44 pm
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You may have missed it, but when Congress approved the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 in December, which is commonly called the extension of the Bush tax cuts, it mandated a major cut in the Social Security tax you pay. Instead of forking out 6.2%, you now pay 4.2% for all wages earned up to $106,800. Read More.

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TAX ADVICE

Who Should Convert an IRA to a Roth?

By The BIDaWIZ Team on February 18th, 2011 at 12:55 pm
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Generally it makes sense to convert a traditional IRA to a Roth but there are so many variables that need to be considered to know for sure whether or not it is a smart move. So, let’s examine some situations in which it generally makes sense to convert. Read More.

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INSURANCE

How Changes To The Health Care Law Impact Your Grown Children

By Susan Ladika on February 17th, 2011 at 11:18 am
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If you’ve got adult children under the age of 27 who don’t have their own health insurance, they’re now in luck. With the changes brought about by the federal government’s Patient Protection and Affordable Care Act, which was approved last year, if you have health insurance through your employer, coverage is now extended to children age 27 and younger. Before the change, the IRS allowed tax-free coverage for children up to the age of 19, or up to age 24 if they were a full-time student. Read More.

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TAX ADVICE

I converted my IRA into a Roth IRA. How do I need to report it?

By Susan Ladika on February 10th, 2011 at 5:09 pm
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With a traditional individual retirement account, you’ve probably been able to sock away your money tax free, unless you take part in a qualified employer plan, like a 401(k). You also haven’t had to pay income tax on the earnings stemming from your IRA. For traditional IRAs, taxes kick in when you pull the money out of the account – usually after you retire and are in a lower tax bracket than you are today. Read More.

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