• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
D&M Accounting Logo

D&M Accounting Services

Serving Our Clients with the Utmost Honesty and Integrity

Serving Our Clients with the Utmost Honesty & Integrity
  • Accounting / Payroll
    • Business Accounting Services
    • Financial Statements
    • Payroll / Paycheck Processing
  • Tax Services
    • Tax Planning Services
    • Tax Return Preparation
    • Tax Refund Tracking
    • Tax and IRS Resources
  • Consulting
    • Small Business Consulting
    • Business Resources
  • Software Training
    • QuickBooks
    • Accounting Software Resources
  • Resources
    • Tax and IRS Resources
    • Business Resources
    • Accounting Software
  • Blog
  • About
    • Our Staff
    • About D&M Accounting
  • CARES ACT
  • Contact

Understanding Wisconsin State Tax Law for Individuals

January 11, 2017 by dmaccounting

*Updated April 2018*

Each state has slightly different tax laws for individuals, so here we will cover some of the basics of Wisconsin state tax law to give you a better understanding of your tax return, and things you may be missing out on, like extra deductions! Stay tuned into our blog channel to learn about tax laws in other states.

Income Tax

Individual tax rates in WI range from 4-7.65% based on marital status and income.

For example, for the income level for people filing as single or head of household:

Income Over But Not Over 2017 Tax is Of the Amount Over
$0 $11,230 4.00% $0
$11,120 $22,470 $449.20 + 5.84% $11,230
$22,470 $247,350 $1,105.62 + 6.27% $22,470
$247,350 $15,205.59 + 7.65% $247,350

You can find more info at www.revenue.wi.gov/faqs/pcs/taxrates

“What is my Wisconsin income tax return status?”

Tax Deductions

Wisconsin allows deductions for:

Donations: these must be itemized on your tax return to receive credit. They can include gifts to religious or charitable organizations, scientific, literary, and educational organizations, groups for preventing cruelty to children or animals, or for amateur sports competitions.

  • Cash contributions up to 50% of your adjusted gross income, and any excess can be carried forward up to 5 years.
  • Property donations: used clothing, furniture, or electronics at fair market value, NOT original cost (eg. Good Will and Salvation Army have forms you may fill out when you drop off donations with estimated values)
  • If you donate property you’ve owned for over a year that has appreciated in value and you anticipate having to pay capital gains tax on it (eg. stock, mutual fund), you can earn a deduction for its fair market value, and ultimately never pay the capital gains tax on the appreciation. Often limited to 30% of your adjusted gross income.

Mortgage Interest

Wisconsin allows the deduction of any interest paid on your home’s mortgage

You CANNOT Deduct:

  • Gifts to individuals
  • Political contributions
  • Gifts to labor unions
  • Donations to homeowner’s associations
  • Gifts used for tuition

Property Tax

Property tax rates vary by county and can be calculated using this calculator.

Examples:

  • Milwaukee County 2.56%
  • Waukesha County 1.668%
  • Dane County 2.013%

The average property tax in Milwaukee County is 2.49%, which is over twice the national average.

Not Part of Your Tax Return (but interesting to know)

Sales

WI sales tax is 5% and is added to the price of retail sales, licenses, leases, and some rentals.

Gas

There is a federal tax of 18.4 cents/gallon of gasoline, 24.4 cents/gallon of diesel, and a Wisconsin state tax on gasoline and diesel of 32.9 cents/gallon.

Download our FREE Tax Organizer, and if you need tax help, would like an accountant to check over your forms, or want to know when you’ll receive your WI tax refund, please contact us and we’d be happy to assist!

“Where’s my state refund?”

Filed Under: Blog, Taxes for Individuals

Primary Sidebar

262-253-9955

D&M Accounting Services, Inc.
N96 W18221 County Line Rd
Hwy Q (across from Fleet Farm)
Menomonee Falls, WI 53051

Watch Our Video!

Quick Links

  • Free Tax Organizer
  • How Can We Help You?
  • Schedule Appointment
  • Map & Directions

Accounting Assistance Financial Statement Assistance Payroll Processing Financial Consultant for Businesses Small Business Tax Specialists

Footer

D&M Accounting Services, Inc.

N96 W18221 County Line Rd
Menomonee Falls, WI 53051

Phone: 262-253-9955
Fax: 262-253-9953

  • Facebook
  • LinkedIn
DM Accounting Services, Inc. BBB Business Review

Tax Season Hours

January 1 – April 15
Mon – Fri: 8am – 6pm
Sat: 8am – 12pm
Sun: Closed

Regular Hours

April 16 – November 30
Mon – Thu: 8am – 4:30pm
Fri: 8am – 12:00pm noon
Sat – Sun: Closed

Winter Hours

December 1 – 3rd week of January
Mon – Fri: 8am – 5:00pm
Sat – Sun: Closed

Serving: Menomonee Falls, Germantown, Lannon and Milwaukee

Neighboring service areas include Ackerville, Adderley, Allenton, Butler, Cedar Creek, Colgate, Germantown, Hartford, Hubertus, Jackson, Kirchhayn, Lannon, Mayfield, Merton, Monches, Neosho, Richfield, Rubicon, Slinger, Sussex and West Bend

Privacy Policy

© 2023 D&M Accounting Services, Inc. (formerly D&M Bookkeeping). All Rights Reserved.