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Wisconsin's Child Tax Rebate

Posted by Admin Posted on May 23 2018

Child Tax Rebate -- YES, it is real!!!

Sound fiscal management and a strong economy have resulted in a state budget surplus of almost $400 million for the State of Wisconsin. Governor Walker and the State Legislature have determined that some of the surplus should be returned to taxpayers in the form of a Child Sales Tax Rebate. It is a $100 rebate for sales and use tax paid on purchases made for raising a dependent child in 2017.

Filing start date: May 15, 2018
Filing deadline: July 2, 2018 
Claimant Eligibility 
•Must have a qualified child
•A child may only be claimed by one individual

Qualified Child Eligibility

Child must be:

•Under age 18 on December 31, 2017
•A dependent* of the claimant for tax year 2017
•A Wisconsin resident on December 31, 2017
•A United States citizen

What You Need to File Your Claim

•Your Social Security number and Wisconsin residency for tax year 2017
•Your qualified child's Social Security number and date of birth
•If you choose direct deposit, we'll need your bank routing number and account number 
•If you are a nonresident or part-year resident that moved out of Wisconsin in 2017, you must submit additional proof.

Visit: https://childtaxrebate.wi.gov/_/#1

 
 

Have You Done Your Paycheck CheckUp??

Posted by Admin Posted on May 23 2018

The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018.

The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

There are several reasons to check your withholding:

  • Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year. 
  • At the same time, with the average refund topping $2,800, you may prefer to have less tax withheld up front and receive more in your paychecks. 

If you are an employee, the Withholding Calculator helps you determine whether you need to give your employer a new Form W-4, Employee's Withholding Allowance Certificate. You can use your results from the Calculator to help fill out the form and adjust your income tax withholding.

Plan Ahead: Tips For Using This Program

The Calculator will ask you to estimate values of your 2018 income, the number of children you will claim for the Child Tax Credit and Earned Income Tax Credit, and other items that will affect your 2018 taxes. This process will take a few minutes.

  • Gather your most recent pay stubs.
  • Have your most recent income tax return handy; a copy of your completed Form 1040 will help you estimate your 2018 income and other characteristics and speed the process. 
  • Keep in mind that the Calculator’s results will only be as accurate as the information you provide.  If your circumstances change during the year, come back to this Calculator to make sure that your withholding is still correct.
  • The Withholding Calculator does not ask you to provide sensitive personally-identifiable information like your name, Social Security number, address or bank account numbers. The IRS does not save or record the information you enter on the Calculator.

IMPORTANT NOTE: This Withholding Calculator works for most taxpayers. People with more complex tax situations should use the instructions in Publication 505, Tax Withholding and Estimated Tax. This includes taxpayers who owe self-employment tax, alternative minimum tax, the tax on unearned income of dependents or certain other taxes, and people with long-term capital gains or qualified dividends.


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Withholding Calculator

 

Posted by Admin Posted on Oct 02 2013

Posted by Admin Posted on Oct 02 2013

Give Tax Records a Mid-Year Tune-up this Summer

Posted by Admin Posted on Oct 02 2013

Give Tax Records a Mid-Year Tune-up this Summer
IRS Summertime Tax Tip 2013-23

During the summer, you may not think about doing your taxes, but maybe you should. Some of the expenses you've paid over the past few months might qualify for money-saving tax credits or deductions come tax time. If you organize your tax records now, you'll make tax filing easier and faster when you do them next year. It also helps reduce the chance that you'll lose a receipt or statement that you need.

Here are some tips from the IRS on tax recordkeeping.

You should keep copies of your filed tax returns as part of your tax records. They can help you prepare future tax returns. You'll also need them if you need to file an amended return.
You must keep records to support items reported on your tax return. You should keep basic records that relate to your federal tax return for at least three years. Basic records are documents that prove your income and expenses. This includes income information such as Forms W-2 and 1099. It also includes information that supports tax credits or deductions you claimed. This might include sales slips, credit card receipts and other proofs of payment, invoices, cancelled checks, bank statements and mileage logs.
If you own a home or investment property, you should keep records of your purchases and other records related to those items. You should typically keep these records, including home improvements, at least three years after you have sold or disposed of the property.
If you own a business, you should keep records that show total receipts, proof of purchases of business expenses and assets. These may include cash register tapes, bank deposit slips, receipt books, purchase and sales invoices. Also include credit card receipts, sales slips, canceled checks, account statements and petty cash slips. Electronic records can include databases, saved files, emails, instant messages, faxes and voice messages.
If you own a business with employees, you should generally keep all employment-related tax records for at least four years after the tax is due, or after the tax is paid, whichever is later.
The IRS doesn't require any special method to keep records, but it's a good idea to keep them organized and in one place. This will make it easier for you to prepare and file a complete and accurate return. You'll also be better able to respond if there are questions about your tax return after you file.

Welcome to Our Blog!

Posted by Admin Posted on Oct 02 2013
This is the home of our new blog. Check back often for updates!