Capital Gains

Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you originally paid for it—is subtracted from the sales price to determine your capital gain on the sale. If your last tax return included some surprises…

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Tax Planning

Tax planning can be a benefit to individuals and businesses. We can strategize in order to minimize the amount of taxes you pay. For individuals, it can be extra money for personal expenses. For a business, minimizing the tax liability can provide more money for expenses, investment, or growth. If tax planning is something that…

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Child and Dependent Care Credit

You may be eligible for this credit if you paid for services outside of your household to take care of your child provided the payments were for a qualifying child under the age of 13 or a qualifying individual who regularly spends at least 8 hours each day in your household. The total expenses that…

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Home Office Deduction

If you use part of your home for business, you may be able to receive a deduction. This deduction is available to homeowners and renters, and applies to all types of homes. Until 2013, you used to have to allocate all the expenses of your home (mortgage interest, insurance, utilities, repairs, and depreciation) As of…

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Job Creation Deduction

Starting in 2011 a deduction is available for the increase in full time employees that are employed in Wisconsin during the taxable year. The subtraction is $2,000 per eligible employee for businesses with gross receipts greater than $5 million or $4,000 per eligible employee for businesses with gross receipts of $5 million or less. In…

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Manufacturing and Agriculture Credit

This credit is available to businesses that have qualified production activities income from property located in Wisconsin that is assessed as either manufacturing or agricultural. An individual, estate, trust, partnership, limited liability company (LLC), or corporation can compute this credit. The credit is a percentage of eligible qualified production activities income. It is calculated by…

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Wisconsin Income tax – Itemized deduction credit

The Wisconsin Department of Revenue has issued a personal income tax notice announcing that the itemized deduction credit was computed incorrectly on some 2013 Wisconsin income tax returns by certain tax preparation software. As previously reported, taxpayers with incomes over a certain threshold are subject to limitations on federal itemized deductions for 2013. Beginning July…

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Hello

My name is Jared Knoke and I am one of four partners at Tushaus & Associates. Throughout the year I will be posting tax and accounting topics that I hope will benefit the readers of this blog. My first post will be coming shortly.