Home Experts Experts Free Quotes Coupons Special Offers Articles Forums Blogs Join Us

hand titleNeed an Answer or Expert Advice? Ask Savism Experts. Questions, Answers, Consulting & Training.

BECOME AN EXPERT
SUGGEST AN EXPERT
Attend Virtual Expos every
Thursday 9 a.m. to 1 p.m. (PST).
Virtual Expo
article

Savism University Articles

 

Build Your New Dream Home with...
Architecture

Everest Base Camp Trek
Outdoor

Saving Money: The Secret Money...
Business Loans

Role of Teachers in Education
Education

Vaction Rentals in Phuket
Architecture

Alert! No Extension to Decembe...
Insurance

+ Add New Article / View All Articles



Does your employer offer
free educational seminars?


Learn at Lunch
Learn at Lunch!

Select a Category

Tax Planning

Personal Finance

Real Estate

Home Loans

Insurance

Financial Planning

Banking

Investments

Credit Repair

Accounting

Factoring

Financial Advisor

Estate Planning

Retirement Planning

Legal

Other Categories

Most Active Experts

  Art Of Saving (108)
  Tax Advisors (86)
  Bogie Boric (51)
  NCR Credit Plus (31)
  File Your Taxes Online (30)
  Mark Goldman (29)
  DRuthven (23)
  Jim Kaz (21)
  Pacific Business Capital Corporation (20)
  Steven Leibold, EA (19)
  James Cruz (18)
  Thomas J. Hartfield (16)
  Alan D. Fisher (16)
  Brian Gibbons (15)
  Sally K. Hanson (12)
  Goran Jovanovic (12)
  Matthew Barrett (12)
Other Active Experts
Savism Experts Directory


Best Reviewed Experts

  Tax Advisors (5.00)
  LatiCOM (5.00)
  Bogie Boric (5.00)
  Mark Goldman (5.00)
  Milos Stamatovic (5.00)
  Gina L. Gwozdz (5.00)
  ProWeb365 (4.67)
  Telecom Advisor (0.00)
19 Answers by Tax Advisors
Q: Finance, Tax Planning
Which washer/dryer will qualify for an energy-efficient tax credit?
A: There are many Energy Star products on the market but many of them do not qualify for the federal tax credit. They will cut your energy bill, but they do not qualify for the energy-efficient tax credit. Unfortunately washers and dryers are not eligible for this tax credit. Refrigerators, ovens, ceiling fans, room air conditioners and light fixtures do not qualify either.

Exterior window (including skylights), exterior doors and/or water heaters DO qualify for energy-efficient tax credits.
Q: Finance, Tax Planning
Hello,

I am a Tunisian national on J1 Visa in the US. However, I have never paid taxes in Tunisia. I did my PhD and was working in France for 5 years paying taxes there. I got my visa in France. Is my tax residency France or is it Tunisia? Because if I claim it to be Tunisia, there is no two years tax treaty. If it's France, what documents I need to claim the tax refund?
Thanks
A: Tax treaties are based on tax residency (country where you last paid income tax before arriving to the U.S.) not nationality or country of citizenship. For that reason you do qualify for exemptions provided by tax treaty between France and the United States. As J-1 visa holder you are exempt from filling/paying FICA (Social Security and Medicare) taxes. Above mentioned tax treaty will also exempt you from paying federal taxes as well. Many of the individual states require state income taxes to be withheld on this income. California is one of them. US/France tax treaty & federal tax exemption: • Teaching or Research: 2-year exemption & no income limitation • Studying or Training: 5-year exemption & $5,000/year income limitation (first $5,000 is reported on form 1042-S and the rest on form W-2)
Q: Finance, Retirement Planning
If I participate in my employer's 401K plan, can I also set up a SEP-IRA for my self-employment income?
A: Yes, a SEP plan can be set up for your business even if you participate in another employer's retirement plan.
Q: Finance, Tax Planning
What are the tax changes I need to know about when filing my individual return for 2012?
A: Cost-basis reporting by brokers – If you are an investor, the IRS will receive a revised Form 1099-B from your broker that now records the basis of transactions during the year. You should also receive a copy of that form. The IRS will check to see that this information matches the basis reported on your return. Additionally, these transactions will now be reported on the new Form 8949, rather than directly on Schedule D.
Q: Business, Bus.-General
How long should you keep your business records?
A: You should keep copies of your filed tax returns indefinitely. For many tax payers it would be sufficient to keep expense records for three years. In very special situations (claiming a loss from worthless securities or bad debt deduction) records should be kept for 7 years.
Q: Finance, Personal Finance
What are some smart ways to save money on gas?
A: Do not haul around extra weight in your trunk. Also, take off the car’s roof rack if you are not using it regularly.
Q: Finance, Tax Planning
What states do not have income and/or sales tax?
A: Alaska, Nevada, South Dakota, Washington, Texas, Wyoming, and Florida do not have income state taxes.

Alaska, Delaware, Montana, New Hampshire and Oregon do not have sales taxes.
Q: Finance, Tax Planning
I have received Form 5498. Do I have to include it in my tax return?
A: Form 5498 is for informational purposes only and it should not to be filed with your tax return. It reports regular and rollover contributions on Individual Retirement Accounts (Traditional IRA or Roth IRA), as well as Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) plans.
Q: Finance, Tax Planning
Is SSI (Supplemental Security Income) taxable?
A: SSI benefits are NOT taxable. The IRS Publication 907 states:

“Supplemental security income (SSI) payments - Social security benefits do not include SSI payments, which are not taxable. Do not include these payments in your income.”
Q: Finance, Tax Planning
To my peers, Since schedule A's will be delayed, What are you doing and what are you telling taxpayers?
A: We have received this notice from our software company: “The IRS asks that you do not file these returns until the prescribed start date (yet to be determined). Stockpiling rules do not apply to these returns.”
A: We just tell them like it is: “Due to a late tax law changes the IRS is not ready to accept certain returns before second part of February. Your return will be e-filed as soon as the IRS is ready to process them.”
A: This afternoon, the IRS announced plans for a February 14, 2011 start date to process tax returns that were delayed as a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The IRS will begin the processing of both paper and e-filed returns that contain itemized deductions on Schedule A, tuition and fees deduction on Form 8917, and the educator expenses deduction.
Q: Miscellaneous, General
What does AWOL stand for?
A: It means "Absent WithOut Leave" or “Absent Without Official Leave.” It is a military acronym used when soldiers did not return to base at time instructed and were reported as being absent without prior permission.
Q: Miscellaneous, General
What Ticks You Off?
A: The NBER (National Bureau of Economic Research) declaration that current recession has ended in June 2009, yet our national unemployment rate is still around 10%.
Q: Finance, Tax Planning
What is "IRS 8b Payout"?
A: Simply it is an investment in Municipal Bonds. By default they have federal tax exemption status claimed on line 8b of federal 1040 tax form. In some cases (for example if you buy your in-state bonds) “munis” might have state tax exemption as well. For this reason municipal bonds are often referred as “double-exempt bonds.”
Q: Finance, Tax Planning
What surrogacy expenses can I deduct on my tax return? How about payments and expenses for egg donor?
A: Section 213(a) of the Internal Revenue Code released on May 2, 2003 says:
“Expenses preparatory to the performance of a procedure that qualifies as medical care that are directly related to the procedure may also constitute medical care for purposes of § 213. For example, Rev. Rul. 68-452, 1968-2 C.B. 111, holds that surgical, hospital, and transportation expenses incurred by a donor in connection with donating a kidney to the taxpayer are deductible medical expenses of the taxpayer-recipient for the years in which the taxpayer pays them, subject to the limits of § 213. Similarly, expenses the taxpayer pays to obtain an egg donor, including the donor’s expenses, are directly related and preparatory to the taxpayer’s medical expenses and are deductible by the taxpayer in the year paid.

You have represented that you will pay the fee to the donor, the fee to the agency that procured the donor, the donor’s medical and psychological testing expenses, the insurance for post-procedure medical or psychological assistance to the donor, and the cost of the legal contract between you and the donor, in order to enable you to obtain a donated egg for implantation into your body. Because these costs are preparatory to the performance of your own medical procedure, the expenses are medical care for purposes of § 213.”

Read more at: http://www.irs.gov/pub/irs-wd/0318017.pdf
Q: Finance, Home Loans
I understand the first-time home buyer credit has been extended to April 2010. Does anyone know what kind of changes have been made in order for me to qualify?
A: Quick reference to all 3 credits: First-time Homebuyer Credit Comparison Chart.
Q: Technology, Internet
Should we have a la carte Cable TV pricing?
A: That is a great idea but in reality it would not work. Prices that networks charge cable companies are based on number of subscriber (currently all of their subscribers). If only 25% of those subscribers sign up for a certain channel, you can expect that networks will increase their fees. The end results will be that current cable bundles will cost as much as only a dozen of à la carte channels. So we “the consumers” loose again. With à la carte Cable TV pricing, you can only save money if you subscribe for just a few channels.
Q: Finance, Tax Planning
I always get so much money back at the end of the year, almost $4,000. I would rather have some of that in my check each week, how much should I claim on my taxes?

I am a single mother, I own a condo where only my 4 year old son and I live. I make just under 30,000 a year. I am also a half-time student in college. Not sure what else you need to know to help me with this. Any advice would be greatly appreciated
A: On your W4 claim 2 allowances.
Resources / Become Our Partner
banner banner banner banner banner banner banner
Home
Ask Experts
Savism University
Forum/Discussions
Coupons
Special Offers
Become a Member
Request Free Quotes
Events
Webinars
Links - Add Link
Privacy Policy
Business Directory
Blog Directory
Video Directory
National Savings Day
Learn at Lunch
rssfeed RSS Headlines

Add Your Business
Become an Expert
Participate in Discussions
Post New Article
Create a Coupon
Ask a Question
Contact Us
Advertising
About Us
Site Map
Feedback
Connect on Twitter
2017 Art Of Saving
Savism, National Savings Day & United We Save are registered trademarks.