It is imperative to ensure that Two Income Families ensure that they have the correct amount of withholding on their w-4 form.
Example: Husband and Wife with 2 children living in their home, each spouse could claim 2 withholdings.
If each spouse claim 4 withholdings you may end up owing the IRS and State Department of Revenue when you file your taxes.
If you have further questions please feel free to contact us.
Directly From The State of Wisconsin!
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
Qualified Child Eligibility
Child must be:
What You Need to File Your Claim
Where's My Rebate
A new credit was created under the TCJA for employers who provide eligible employees paid family and medical leave. You may be providing paid leave for employees already, so please engage with us to determine if your employee benefit qualifies for the new credit. There may be minor adjustments necessary to make your leave policy compliant with the new credit, which we can help you with.
Please call our office to schedule a planning meeting.
While the TCJA is effective now, there are still many uncertainties. Additional technical guidance and regulations are necessary to provide more clarity on some of the changes. The Internal Revenue Service is working to provide that guidance, which we expect later this year.
We are at your disposal to identify opportunities within the new law that apply to you and help steer you away from new pitfalls and challenges. Please call our office today at 262-358-8297 to set up a tax planning meeting. As always, planning ahead can help you minimize your tax bill and position you for greater success.
Please call our office today at 262-358-8297 to set up a tax planning meeting. As always, planning ahead can help you minimize your tax bill and position you for greater success.
Have you considered hiring your children to work on your rental properties? If so, were you concerned when you did not see a line item for wages on Schedule E of your Form 1040?
Don’t let that bother you. The IRS in its instructions explains that wages and other ordinary and necessary business expenses of the rental that are not named on Schedule E go on line 19.
Because you own more than one rental property, your children may work on more than one. No problem. You need to allocate the wages and associated expenses to the properties on a reasonable basis.
The most apparent allocation basis for the money you are paying the children being time spent by the children at each property.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.