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…

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…

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…