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Fox Tax 2017

Wisconsin 2017 News

WI to Hold Select Returns

WI DOR will select certain individual income tax returns for identity verification beginning with the 2016 tax filing season.  You will receive a letter requesting you to answer questions in a short quiz (about 4 questions), which you should know.  Your refund will be released after you pass, ie., answer the questions correctly.  This is an effort to reduce identity theft.  NOTE: If you receive this notice there is probably a reason, and suggest you check your credit card, bank accounts, etc. in case of identity issues.

WI offers you a choice to submit additional ID if a question of identity theft has occurred in the past.  There are several forms of ID the most common being a drivers license and a checking/savings account (or similar).  We suggest this procedure if you have had any type of identity issues or your information being hacked, including credit card, financial accounts, employer, medical, etc. in the past.  

If you have had identity issues, providing the above may help you avoid a hold on your WI return.

 
Tax returns are due Tuesday, April 18, 2017    Extensions due October 15, 2017. 
 
Earned Income Credit is a percentage of Federal EIC
 

Tuition subtraction for private schools K-8, $4,000;  9-12, $10,000.   This does NOT include "pre" K. 

Social Security, Military uniformed services and Railroad retirement benefits are not taxable to Wisconsin.
Also, WI state teachers, Federal civil service, and some Milwaukee city/county IF members of system on 12/31/1963.
 
Tuition subtraction increased to $6,943 per student subject to phase out. WI and MN have tuition reciprocity
 
Standard mileage deduction for Homestead purposes is 21 cents.
 
Debt forgiveness is taxable in WI.  Insolvency and bankruptcy is not.
 
Late filing fees are $50 for individuals.

Insurance premiums out-of-pocket are deductible from WI income.
Day Care maximum, $3,000.

Medical insurance premiums paid out of pocket offer a subtraction for WI taxpayers.
 
A child does not have to be a dependent in order for you to deduct contributions to an authorized college savings account.
 
Gambling Winnings are taxable.  You are able to deduct losses, HOWEVER, there are conditions.  Basically, whatever your net is in a session is considered income if a profit.  Losses in a session are not allowed.  Ex: If you play the slots in the AM then eat lunch and play in the PM, each is a different session.  So.... if you win in the AM and lose in the PM, PM loses do not apply to AM winnings.  For more exact information click below:
 
 
 
 

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