Expert Advice on Accounting & Financial News

TAX PLANNING

Maximize That Year End Bonus

By The BIDaWIZ Team on September 15th, 2010 at 2:27 pm

It is almost a certainty that tax rates across the board will begin increasing come January 1, 2011. Ordinary income tax rates will increase 3-5% for those in the 31% to 39% tax bracket, the dividend tax could jump from 15% to 39.6%, & long-term capital gains tax could go from 15% to 20% or even higher. As we head closer to January 1st, it is becoming more and more important to start accelerating income and deferring deductions. Read More.

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TAX PLANNING

Can I Transfer Assets From One Company to Another I Own?

By The BIDaWIZ Team on September 14th, 2010 at 2:12 pm

Many business owners setup more than one company. Occasionally, they try to transfer assets from one company to another. Find out if this is possible. .

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TAX REPORTING

How Do I Treat a Discount For Bookkeeping Purposes?

By The BIDaWIZ Team on September 13th, 2010 at 5:59 pm

Firstly, nice job on offering discount incentives to encourage more customers to use your service. Often times, companies lose sight of the long-term benefits of offering discounted goods or services to new customers. As for your bookkeeping question, it appears as though you are referring to a "sales discount," which is not recorded as an expense. .

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TAX SAVINGS

Save Back to School College Receipts!

By The BIDaWIZ Team on September 11th, 2010 at 11:32 am

The back to school purchase season has come and gone and now the focus should be on saving those receipts for tax credits. Don’t be the college student or parent of a college student that misplaces a receipt only to find out that you can’t take advantage of the tax credits that are available to you. Read More.

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TAX REPORTING

Should I Withhold Taxes From Employee Checks?

By The BIDaWIZ Team on September 3rd, 2010 at 6:03 pm

Withholding taxes may seem like a nuisance but if you have "employees" then you are responsible by law to withhold several federal, state, and possibly local taxes. Please also keep in mind that prior to commencing operations and hiring "employees," you technically need an employer identification number which is commonly referred to as a "EIN." You can visit the IRS website which details the necessary steps to obtain a EIN. You will also need to rely on the employee's W-4 Form to accurately calculate withholding taxes. .

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FINANCING

How to Get Funding For a Startup

By The BIDaWIZ Team on September 1st, 2010 at 2:00 pm

Having a strong business plan is important, but it is only one step in the process of starting a business. If you have a great concept, but have poor credit and don't have previous experience, you will be hard-pressed to find a suitable lender. It is critical to find out exactly what you need to encourage the lenders to grant you a loan. .

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TAX ISSUES

Choosing The Right Accountant For An IRS Issue

By The BIDaWIZ Team on August 26th, 2010 at 8:22 pm

Long after April 15th, some taxpayers realize that they (or their tax preparer) made a big mistake by not reporting certain income on their filed tax return. They then decide, based on the direction of their legal advisors, to participate in what is called the IRS Voluntary Disclosure Program. The program may seem risky but it is generally the smart move in that the taxpayer will become tax compliant & have a greater chance of avoiding substantial civil penalties and eliminate the risk of criminal prosecution. Usually the next step for the taxpayer is to present an amended tax return. The question then arises, "Which tax preparer should I use to prepare the amended tax returns?" The original tax preparer, a new one, or a top tier CPA firm. .

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TAX ISSUES

What Are Tax Settlement Companies Really Selling?

By The BIDaWIZ Team on August 25th, 2010 at 4:21 pm

There seems to be no shortage of offers from tax settlement companies claiming to reduce your tax debts to "pennies on the dollar." Usually, these companies boast infomercial advertisements late at night offering quick tax relief for consumers facing significant back-tax liabilities. Do some of these companies help people? Sure. But, by and large, if it sounds too good to be true, it is. .

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TAX ISSUES

IRS Letter – There Is an Error on My Tax Return!

By The BIDaWIZ Team on August 23rd, 2010 at 9:00 pm

Getting a letter in the mail from the IRS is usually very concerning to the taxpayer. Their immediate reaction can often go something like this, "Oh my gosh, what do I do, am I getting audited?" Unfortunately, the media & sometimes family & friends portray the IRS in such a negative light that we sometimes overreact. But, there is really no need to worry until you open up the letter and see what it says as there could simply be a minor error on your tax return. If that is the case, what should you do? .

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MORTGAGES

Getting Accurate Mortgage Closing Cost Estimates

By The BIDaWIZ Team on August 20th, 2010 at 10:09 am

accurate closing cost estimates mortgage

There seems to be no shortage of mortgage applicants learning that the initial closing cost estimate provided by the lender was inaccurate. For those that don't know, anytime you purchase a home with a mortgage you must pay settlement costs (i.e. fees for loan origination, attorneys, underwriting, title changes, inspection, insurance & more). Unfortunately, the estimate provided by the lender after you applied for the loan can be significantly different from the the actual cost at closing. So, what can you do to get a better estimate? .

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