Trusted Answers From Licensed Business Professionals
How to Value Inherited Rental Property You Want to Sell?
By The BIDaWIZ Team on June 14th, 2010 at 8:00 am
This is definitely a very important question & one that involves a significant amount of research as you want to recognize the full value of the property. Before reaching a specific sale price you need to gain a strong understanding of the market. More specifically, the sale prices of similar properties as well as a keen understanding of the value of the differences of your property vs. those similar properties. .
Can I Return the Capital I Invested in a LLC Tax-Free?
By The BIDaWIZ Team on May 28th, 2010 at 8:00 am
Are Energy-Efficient Windows a Tax Credit for Businesses?
By The BIDaWIZ Team on May 25th, 2010 at 9:00 am
It is smart to be proactive and replace your windows to save on those energy costs. However, the government does not have a specific energy tax credit for businesses that replace their windows for more energy-efficient ones, as you may be planning. On the positive side, you will likely save on your energy bill which energy star estimates could be as much as 10% a yr! Read More.
The tax questions coming from couples facing a divorce & other life-changing events have been on the rise so we thought it would be wise to take a step back & answer some of the most common questions. As always, you can send your tax questions to our network of tax experts if you need personalized tax advice. Read More.
No Estate Tax in 2010? What Should I Do?
By The BIDaWIZ Team on May 14th, 2010 at 8:00 am
With the confusion that has been caused by NO estate tax this year, we thought it would be wise to chime in on the matter. If you haven’t already heard, the federal estate tax was NOT reinstated for 2010 or in morbid terms — If your spouse passes, you won’t be subject to federal estate taxes. Read More.
Is Potential Lost Rental Income Tax Deductible?
By The BIDaWIZ Team on May 7th, 2010 at 8:30 am
This is an interesting tax question and one that small business owners frequently ask. Unfortunately, you cannot claim a tax deduction for the potential lost rental income or what can best be characterized as an opportunity cost. Similarly, the IRS states in the Internal Revenue Code that lost rental income while a property is vacant is not tax deductible. So, it is just an opportunity cost in economic terms but that is about it. .
The hot summer days of college students mowing lawns, caddying on golf courses, washing cars & helping out at their dad’s friend’s law office are almost here. That means earning some dough to put towards savings, beer money & anything else a college student desires. Unfortunately, the summer comes and goes & the income that was earned is often forgotten until tax season arrives. Let’s avoid the procrastination & tackle some of the tricky tax questions that arise when dealing with summer jobs. Read More.
Is a Repayment to an S Corp Owner Taxable?
By The BIDaWIZ Team on April 22nd, 2010 at 8:00 am
Happy spring everyone! Here at BIDaWIZ, we’ve been seeing a lot of “spring time” questions – you know, questions that have to do with things like marriage and finances, taxes (did you file on time?), home purchases and more. Speaking of that last item, if you’re looking to take advantage of the First-Time Home Buyer Tax Credit, there’s a ton of information out there – perhaps a little too much information. To help, boil everything down into digestible terms we all can understand, we’ve outlined the basics of what you need to know. Read More.
Getting Help with Roth IRA Tax Questions
By The BIDaWIZ Team on April 22nd, 2010 at 8:00 am
Many taxpayers are trying to figure out ways to avoid paying the tax penalty for converting a traditional IRA into a Roth IRA. Here’s one common question, “Can I use a capital loss carry forward from Schedule D to offset the tax penalty involved in making a conversion to a Roth IRA? Read More.
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