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TAX REPORTING

Will I Really Have to 1099 Starbucks For Spending Over $600?

By The BIDaWIZ Team on October 4th, 2010 at 4:51 pm

new-1099-filing-requirements
That's right folks. Beginning in 2012, the IRS will require 1099 MISC forms to be issued by the purchaser for business purchases exceeding $600 for the TAX YEAR. This means that even purchases of Starbucks coffee beans over $600 would meet the 1099 requirement. This obviously puts a significant administrative burden on businesses, especially small ones, that are already facing tough economic times. Given this info, let's look at ways to prepare for this new 1099 filing requirement. 2012 is not that far away. .
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FINANCING

Seeking Financing to Purchase a Business

By The BIDaWIZ Team on October 1st, 2010 at 12:11 pm

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Congratulations on taking a chance with trying to purchase a business. The best times to do this often occur during a recessionary period when many companies are sold at deep discounted prices. Many people would argue that we are still in that period. .
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CREDIT CARDS

Should I Use a Debt Settlement Company Now?

By The BIDaWIZ Team on September 30th, 2010 at 8:26 pm

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It almost seems as though we hear a daily advertisement on the radio or television from a debt settlement company offering to free you of your growing debts. As you may have suspected, the majority of these companies make these offers without bearing any accountability. Sounds like a great business for them & not so much for you? That maybe changing. .
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FINANCING

How Do I Find a Financing Company For My Customers?

By The BIDaWIZ Team on September 29th, 2010 at 2:20 pm

searching-financing-companies
There is no question that it's a great idea to work in partnership with certain financing companies to provide your customers with more payment options. However, you want to be very selective in which companies you choose to partner with as your endorsement carries some responsibility and could impact your reputation should customers have poor experiences with the financing companies. .
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BUDGETING

My Spouse is Unemployed. Now What?

By The BIDaWIZ Team on September 27th, 2010 at 9:33 pm
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There’s no question that unemployment can put a strain on marriage. Often times, the marriage becomes tenuous when spouses don’t honestly communicate with each other how they are going to handle the situation. One spouse looking at classified job ads & the other being upset about the whole situation and just trying to work overtime to make up for the lost income, usually doesn’t work. Read More.

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MORTGAGES

Should I Refinance My Mortgage?

By The BIDaWIZ Team on September 24th, 2010 at 10:21 am
refinance-mortgage-application

Many homeowners these days are confronted with the big question – do I refinance now since rates are at all-time lows or hold off? While rates are low, the answer to this question really depends on the specific financial position of the mortgage holder as our financial experts explain. Read More.

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CREDIT CARDS

Should My Child Be an Authorized User on My Credit Card Account?

By The BIDaWIZ Team on September 23rd, 2010 at 1:11 pm
credit score improve authorized user

Many parents don’t realize the benefits that come along with adding their child to their credit card account as an authorized user. Instead, they are focusing more on the risk that their child may not be financial responsible enough to have that privilege. But, if you are not worried about your child running up your credit card bill, sign them up as an authorized user which will better prepare them for the future. Read More.

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TAX PLANNING

When Should I Update My W-4 Form?

By The BIDaWIZ Team on September 22nd, 2010 at 9:10 pm

claim allowances
Maybe this year you tied the knot or changed jobs or experienced some other important life event. If this is the case, it is time to think about updating your W-4 Form. For those that forgot, your current employer gave you a W-4 Form when you first started working. On that form, you had to claim allowances so that your employer would take out an appropriate amount of withholding taxes from your paycheck. .
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BUDGETING

Improving Your Family Financial Budget

By The BIDaWIZ Team on September 21st, 2010 at 3:02 pm

family financial budget
The other day we were at a restaurant with a business partner when suddenly the conversation turned to the affordability of certain vacation spots. Our business partner then went on to say that he would go on more overseas vacation trips but, "it simply is not in my budget." It is quite interesting how often that phrase is used yet so few people actually have a prepared budget. If you have a budget or don't you'll want to hear what our financial experts advise as you look to improve your financial situation heading into 2011. .
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FINANCIAL ADVICE

What Financial Advice Should I Know When Launching a Business?

By The BIDaWIZ Team on September 17th, 2010 at 11:45 am

finance and accounting systems for a startup
Finance & accounting are crucial elements in all businesses. As basic as it may seem, a lot of entrepreneurs jump into a venture without thinking about how they will 1) make money (i.e. be profitable) and 2) account for that money. .
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