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

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Feroz
Consultant
Q. Can I add furniture and equipment to my new company to get depreciation that I already have and using it for the new business?
By contributing furniture and equipment to your new company, you can start depreciation deductions based on their fair market value. Choose a depreciation method that fits your business needs, such as straight-line or MACRS. If assets have already been depreciated in your current business, you cannot depreciate them again unless capital gains are recorded during the transfer. Keep detailed records of value determination, transferred assets, and depreciation calculations. This information should help you navigate the process smoothly.
Mark ****
Freelance marketer
Q. We manage google ads for clients. We pay Google the ad costs and deduct them from our monthly retainer. How should this be reported since its not really a COGS, but more of a service we handle for them.
You may classify the Google ad costs as an operating expense, not tied to generating revenue. Operating expenses cover general costs of business like rent and utilities. FlyFin's exclusive CPA team will file your tax returns for $192, which includes a year's subscription to our deduction tracker.
Antohny
Healthcare professional
Q. My employer did not withhold the FICA tax in 2023 and I want to ask how I should repay it to the IRS.
To repay the unpaid FICA taxes to the IRS for 2023, include the owed amount with your income tax return payment. Inform your employer to correct the withholding error. Ensure proper FICA tax withholding for future paychecks to avoid similar issues.
Sana
Seller (Online or independent seller)
Q. Need to know short term capital gains tax percentage for selling house and what items can be deducted
Short-term capital gains tax rates for selling a house are the same as ordinary income tax rates, ranging from 10% to 37%. Deductible expenses for selling a house include real estate agent commissions, legal fees, marketing expenses, home improvements, closing costs, and transfer taxes.
Michael *****
Construction contractor
Q. How much taxable income do i need for 2023 to make a $7000,00 IRA contribution and still qualify for maximum tax credits on healthcare.gov?
To determine the optimal taxable income for a $7,000 IRA contribution while still qualifying for maximum tax credits on healthcare.gov, assess your total income and deductions. Use your income and deduction details to calculate taxable income and identify the threshold for the IRA contribution. Contact us for personalized advice. Team FlyFin.
Zenyu
Social Media influencer (Facebook, Youtube etc.)
Q. I plan to set up an office for my side business in my attached garage. The garage will be only used for that side business after the business is set up. Can home office deduction be claimed for tax return for the garage? How to calculate its size?
Yes, you can claim a home office deduction for your side business if you use a portion of your attached garage exclusively for business activities. To calculate the size of the deductible space, measure the square footage of the area used for business and divide it by the total square footage of your home.
Feroz
Consultant
Q. Can I add furniture and equipment to my new company to get depreciation that I already have and using it for the new business?
By contributing furniture and equipment to your new company, you can start depreciation deductions based on their fair market value. Choose a depreciation method that fits your business needs, such as straight-line or MACRS. If assets have already been depreciated in your current business, you cannot depreciate them again unless capital gains are recorded during the transfer. Keep detailed records of value determination, transferred assets, and depreciation calculations. This information should help you navigate the process smoothly.
Mark ****
Freelance marketer
Q. We manage google ads for clients. We pay Google the ad costs and deduct them from our monthly retainer. How should this be reported since its not really a COGS, but more of a service we handle for them.
You may classify the Google ad costs as an operating expense, not tied to generating revenue. Operating expenses cover general costs of business like rent and utilities. FlyFin's exclusive CPA team will file your tax returns for $192, which includes a year's subscription to our deduction tracker.
Antohny
Healthcare professional
Q. My employer did not withhold the FICA tax in 2023 and I want to ask how I should repay it to the IRS.
To repay the unpaid FICA taxes to the IRS for 2023, include the owed amount with your income tax return payment. Inform your employer to correct the withholding error. Ensure proper FICA tax withholding for future paychecks to avoid similar issues.
Sana
Seller (Online or independent seller)
Q. Need to know short term capital gains tax percentage for selling house and what items can be deducted
Short-term capital gains tax rates for selling a house are the same as ordinary income tax rates, ranging from 10% to 37%. Deductible expenses for selling a house include real estate agent commissions, legal fees, marketing expenses, home improvements, closing costs, and transfer taxes.

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

How does Rusk County Wisconsin tax filing work online?

Exactly what is a Rusk County Wisconsin CPA?

What does an online Rusk County Wisconsin Certified Public Accountant do?

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