Expert Advice on Accounting & Financial News

BUDGETING

How To Cut Down On Expenses During Retirement

By The BIDaWIZ Team on August 18th, 2010 at 4:13 pm

You finally reached retirement & now are faced with managing your finances after experiencing the worst financial crisis in decades. In addition, the financial planning you did 5 to 10 years ago no longer makes sense since today the average 65 year old can expect to live to almost 84 vs. a life expectancy of 77.9 in 2007 (CDC Aug ‘09). Suddenly, you are forced to make significant lifestyle changes to support yourself & family well into the future. And, for those that aren’t at retirement yet, you’re not off the hook. The 65 year old plus population is expected to grow from 40M today to 71M or 20% of the population in 2030 (US Census Bureau June ‘09). In essence, this means that on average you are going to be living much past 84. So with all of this data, what can we do to live the retirement life we once envisioned? It starts with cutting out expenses.
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TAX REPORTING

Can I Purchase a Vehicle Through My Business?

By The BIDaWIZ Team on August 17th, 2010 at 7:15 pm

vehicle personal business expense tax deduction

Many business owners that are in the process of purchasing or leasing a vehicle, get the idea of executing the transaction through the business. The thought that they have is, "Why not, I can probably claim a tax deduction." Although it may seem logical, being able to legally claim a tax deduction depends on exactly how the vehicle is used. .

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TAX SAVINGS

Is a Flood Insurance Settlement Taxable?

By The BIDaWIZ Team on August 16th, 2010 at 5:20 pm

If you have experienced severe damage to your home as a result of flooding, fire or wind, then you've probably gone through the process of filing an insurance claim. Unfortunately, the whole process takes months & sometimes you don't even get fully covered. Anyway, if your claim is approved then the first question that usually comes up is, "Are the proceeds from the claim taxable & then what happens if I don't use up all of the proceeds?" .

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TAX PLANNING

Where Are Dividend Tax Rates Going in 2011?

By The BIDaWIZ Team on August 12th, 2010 at 2:19 pm

Dividend tax rates will be going up but the big question is by how much? Then, there is the logical follow-up question, what should you do to prepare for the inevitable tax rate hike? Read More.

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CREDIT CARDS

Should I Close My Credit Card Account?

By The BIDaWIZ Team on August 11th, 2010 at 12:15 pm

Let’s get one thing straight. Closing a credit card account DOES hurt your credit score (i.e. FICO Score). Now, the degree that your credit score may be impacted depends on several factors which we will discuss below. Read More.

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BANKING

Don’t Opt-In to Overdraft Protection

By The BIDaWIZ Team on August 9th, 2010 at 9:39 pm

Does this sound familiar? You go home after a long day of work only to be bombarded by overdraft protection notices in the mail indicating that you need to “opt-in” or out of the program by August 15th. That’s convenient. The last thing you want to do is read some financial agreement in fine print with confusing terms. Depending on your state of mind at the time, you may even accept the banks offer since the marketing language in the agreement may make it seem as though it is the right thing to do. With that said, let’s put the overdraft protection program in more digestive terms so we can all understand exactly what opting-in means. Read More.

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BANKING

Protecting Your Bank Account

By The BIDaWIZ Team on August 8th, 2010 at 11:37 am

Nowadays when we go to purchase anything from groceries to consumer electronics, we are given many options for payment. We've all heard a cashier say, "credit or debit." We usually make our decision based on what is most convenient for us - adding to our existing credit card balance or paying with our bank balance. Security on the other hand is usually not something that crosses our mind when we make this decision. But, as we analyze below, it really should. .

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TAX REPORTING

Should A Teacher Share Their Business Tax ID Number?

By The BIDaWIZ Team on August 5th, 2010 at 6:40 pm

This is an interesting situation since a teacher is not a traditional vendor selling a product or service but teaching a class. We'll analyze in further detail below but we would strongly advise the teacher to understand the reason for the request by their customer. .

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BUDGETING

Buying A Lottery Ticket Is Like Lighting Money on Fire…Maybe Not

By The BIDaWIZ Team on August 4th, 2010 at 5:48 pm

There is a convenience store next to our office in NYC that sells lottery tickets like hot cakes. Anyway, the other day we walked in to get a snack & while waiting on line, there was another customer requesting about $20 worth of lottery tickets. During the transaction, the clerk at the cash register commented, “same as last week?” This really got us thinking. The customer probably spends at least $1100 a year ($20 times 52 weeks) on lottery tickets. That’s crazy. Let’s analyze why. Read More.

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MORTGAGES

Getting out of a Mortgage with your Now Ex

By The BIDaWIZ Team on July 30th, 2010 at 6:22 pm

At this point, you probably realize that the yelling & screaming at your now ex girlfriend or boyfriend didn’t get you very far when it comes to handling your mortgage. Now, you want to get your name removed from the mortgage. But, unfortunately there is only one option to remove your name from the mortgage & the deed, other than foreclosure & bankruptcy. So what is it? Read More.

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