Tag Archives: Wisconsin

Listed Property Limits for 2009

IRC §280F (listed property) provides ceilings on the amount of depreciation and §179 that can be claimed on passenger automobiles, light duty trucks and vans. The limitations listed below are multiplied by the taxpayer’s business use of the vehicle. The amounts for passenger automobiles placed in service in 2009 differ slightly from the amounts for […]

An Extra 1099-MISC

Today TaxMama hears from Brian in Wisconsin who got a surprise. “Two weeks ago I filed my taxes and everything went fine. Well. I just a form 1099-misc from a website where I made some money last year ($800). what can I do now?”

Where to Pay Tax

Today TaxMama hears from Nick in Wisconsin, who tells us. “I own several rentals in Wisconsin. I have been a Wisconsin resident for years. If I relocate to Florida where there is no personal income tax, then sell my rentals, will I have to pay capital gains tax to Wisconsin? I realize that the Federal […]

1st Time Homebuyer Credit Allocation For Unrelated Co-Owners

by David & Mary Mellem, EAs Overview ­ The 1st Time Homebuyer Credit was created in 2008. Basiically it allows a refundable credit of 10% of the cost of a principal residence, up to a maximum credit of $7,500 ($3,750 for MFS). The credit is reported on the Form 1040, line 69. (The credit is […]

New Law Encourages Cash Donations for Midwest Disaster Relief

IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual […]

Social Security and Medicare Changes for 2009

The Social Security Administration and Department of Health & Human Services have announced the new amounts for 2009. SOCIAL SECURITY CHANGES Social Security benefits increase 5.8% for 2009. The amount of earnings subject to Social Security taxes increases from $102,000 for 2008 to $106,800 for 2009. The amount of earnings required in order to receive […]

Withholding and W-4

Today TaxMama hears from Ron in Wisconsin who tells us. “I just got a job working full time for a salary of $18,000 per year. My wife does not work. We have 4 kids at home. How many dependents may I claim on my W-4 to avoid losing a bunch of money every week in […]

New Rules for Qualifying Child

Tax Provisions in HR 6893 Signed Into Law Oct 7, 2008 In addition to the Emergency Economic Act of 2008, President Bush has signed a little known Act which contains a clarification of the uniform definition of a qualifying child for purposes of the dependency exemption, EITC, dependent care, and HH filing status. This change […]

Amended Returns Do Not Affect Stimulus Checks

Courtesy of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals IRS issued a press release (IR-2008-103) which addresses common errors and the Stimulus checks. Here are a couple of highlights. Some taxpayers have filed two returns to make sure they get their check. IRS takes longer to try to figure out what to do […]

Medical Eating

Today TaxMama hears from Mike in Wisconsin who asks. “Is there anything in the Tax Codes that allows you to put a certain percentage of your total food cost towards a medical deduction when you have been diagnosed as a borderline diabetic? After all, you do have to watch your total diet to keep this […]

AMT Patch Passes Congress

courtesy of: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals Congress has finally agreed on an AMT patch for years beginning in 2007. President Bush has indicated he plans to sign the bill. The bill is titled the “Tax Increase Prevention Act of 2007”. There are two parts to the bill: 1) The tax […]