Vrakas CPAs, Here Are Your Articles for Wednesday, February 12, 2020
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Wisconsin Recent Tax Law Changes For 2019

 

Wisconsin reduces the tax rates for the first and second tax brackets for 2019.  The first bracket is reduced from 4% to 3.86%.  The second bracket is reduced from 5.84% to 5.04%.

Certain business moving expenses are no longer deductible in Wisconsin.  Beginning in 2019 business expenses to move a business outside of Wisconsin or the United States are no longer deductible on a Wisconsin return.

Beginning in 2019, a partnership may elect to pay Wisconsin income tax at the entity level.  If elected the tax rate is 7.9%.  The partners of an electing partnership would exclude their proportionate share of all items of income, gain, loss or deduction of the electing partnership from their adjusted gross income.

Wisconsin increased the amount of allowable subtraction for a contribution to an eligible college savings account.  Beginning in 2019 the maximum allowable subtraction for a Wisconsin college savings account is increased from $3,200 to $3,280 ($1,640 if married filing separately or a divorced parent).

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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