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Ask a CPA in Rusk County, Wisconsin: Expert Advice for Tax Savings

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Anthony
Barber
Q. If I file form 941 quarterly. Can I get the tax money back like Estimate tax? Or Can I use it as a deduction for business expense?
Deductions for business expenses include Social security and Medicare taxes reported on Form 941, but not federal taxes withheld. Employer contributions to payroll taxes are considered business expenses.
Maddie
other
Q. What am I eligible to claim on my taxes this year
Discover all your tax deductions easily with our user-friendly swipe cards feature. Connect your bank accounts, categorize expenses with a simple swipe, and view your deduction summary. Unsure about a deduction? Get live suggestions for deductible expenses. Team FlyFin.
Kendall *********
Freelance designer
Q. what is deductible
"Freelance designers can deduct various business expenses for tax purposes such as office expenses, equipment, supplies, professional services, marketing, advertising, travel, and transportation. Keep detailed records and receipts of all expenses."
Kathleen *********
Retired
Q. I have some land I want to sell to my nephew. I was wondering about the tax basis/capital gains and if he pays me in installments, how do that affect my tax rate each year?
If you sell land to your nephew in installments, you can spread the capital gain recognition over time. The tax rate on the gain depends on your income and ownership duration. Long-term gains are taxed at lower rates, while short-term gains are taxed at ordinary rates. For more details, visit https://www.irs.gov/taxtopics/tc705. Hope this helps clarify your query.
Fatema *****
Home services
Q. My husband & I are going through a divorce. He wants to claim my first daughter as his dependent; however he made very minimal financial support to her. We all live in the same house. We will be filing separately. Can he claim her as dependent?
Based on your situation, if you have primary physical custody and provide more than half of your daughter's financial support, you are likely considered the custodial parent and can claim her as a dependent on your tax return. Hope this helps.
Stephen ******
Construction contractor
Q. I just came across an old $25 series e savings bond from 1957 from my grandfather. My Mom had it in a box. I know taxes were to be paid at the 30 year point. I did not know it existed till recently. What are my tax implications if I cash it in now? Thanks
Hi Stephen, If you cash in your Series E savings bond from 1957 now, you should not owe any taxes on the principal amount. Since the bond has matured, there should be no further tax implications. Any interest that has accrued but hasn't been previously reported may need to be reported as taxable income. Hope this helps. - Team FlyFin
Anthony
Barber
Q. If I file form 941 quarterly. Can I get the tax money back like Estimate tax? Or Can I use it as a deduction for business expense?
Deductions for business expenses include Social security and Medicare taxes reported on Form 941, but not federal taxes withheld. Employer contributions to payroll taxes are considered business expenses.
Maddie
other
Q. What am I eligible to claim on my taxes this year
Discover all your tax deductions easily with our user-friendly swipe cards feature. Connect your bank accounts, categorize expenses with a simple swipe, and view your deduction summary. Unsure about a deduction? Get live suggestions for deductible expenses. Team FlyFin.
Kendall *********
Freelance designer
Q. what is deductible
"Freelance designers can deduct various business expenses for tax purposes such as office expenses, equipment, supplies, professional services, marketing, advertising, travel, and transportation. Keep detailed records and receipts of all expenses."
Kathleen *********
Retired
Q. I have some land I want to sell to my nephew. I was wondering about the tax basis/capital gains and if he pays me in installments, how do that affect my tax rate each year?
If you sell land to your nephew in installments, you can spread the capital gain recognition over time. The tax rate on the gain depends on your income and ownership duration. Long-term gains are taxed at lower rates, while short-term gains are taxed at ordinary rates. For more details, visit https://www.irs.gov/taxtopics/tc705. Hope this helps clarify your query.

Facts and figures about
Rusk County, Wisconsin

wisconsin
population

14,123

County Population

population

Ladysmith

County Seat

population

913.59 sq mi

County area

population

5.50%

Rusk County sales tax rate

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Wisconsin State Income Tax Rates & Brackets for 2023

The following tables represents Wisconsin's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

$0 - $12,760

3.54%

$12,760 - $25,520

4.65%

$25,520 - $ 2,80,950

5.30%

$ 2,80,950+

7.65%

MARRIED FILING JOINTLY

Brackets

Rates

$0 - $17,010

3.54%

$17,010 - $34,030

4.65%

$34,030 - $ 3,74,600

5.30%

$ 3,74,600+

7.65%

Filing Status

Standard Deduction Amt.

Single

$11,790

Couple

$16,805

Rusk county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Ladysmith

5.50%

Rusk

Bruce

5.50%

Rusk

Weyerhaeuser

5.50%

Rusk

Glen Flora

5.50%

Rusk

Hawkins

5.50%

Price

Tony

5.50%

Rusk

Conrath

5.50%

Chippewa

Frequently Asked Questions

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