Mei-Feng Moe, EA
Mei-Feng Moe (May) is a
Master Tax Advisor certified by
H&R Block. In addition to
giving tax advice and preparing
income tax returns, she has also
been teaching income tax
courses for a number of years.
She is an Enrolled Agent who
may represent clients before
the IRS. She also holds series 6
and series 63 security licenses.
Master Tax Advisor certified by
H&R Block. In addition to
giving tax advice and preparing
income tax returns, she has also
been teaching income tax
courses for a number of years.
She is an Enrolled Agent who
may represent clients before
the IRS. She also holds series 6
and series 63 security licenses.
Tax season 2008
What's new for Wisconsin
What's new for Wisconsin
Your Master Tax Advisor/Mei-Feng Moe
Medical Care Insurance Subtraction
Taxpayers who had no employer and were not self-employed in 2007 are allowed a
subtraction of 33.4% of their paid medical care insurance premium. "Unemployed"
individuals include someone temporarily unemployed, a nonworking spouse, or a
retired person. This subtraction will increase to 66.7% in 2008 and 100% for 2009 and
beyond. The subtraction for employees and self-employed individuals remains the
same, 100% subject to income limitation.
Tuition and Fee Expenses Subtraction
The deduction of tuition paid to a qualified school has been expanded to include
"Mandatory Student Fees." At UW-Madison, these fees include: student government,
General Student Services Fund, City Bus Pass Program, University Health Services,
Wisconsin Union … etc. The maximum subtraction from Wisconsin income for 2007 is
$4,843 per student.
Internet Equipment Credit
Effective July 1, 2007, taxpayers who are certified by the Dept. of Commerce may claim
a sales tax exemption on Internet equipment used in the broadband market.
Enterprise Zone Jobs Credit
Also effective July 1, 2007, qualifying taxpayers doing business in a Wisconsin
enterprise zone and have been certified by the Dept. of Commerce may be eligible for
the credit.
Dairy Manufacturing Facility Investment Credit
Effective 2007-2014, taxpayers who process milk into dairy products or process dairy
products for sale commercially may be eligible to claim a credit of 10% of the amount
paid in the taxable year for manufacturing modernization or expansion. Eligible
manufacturers must be certified by the Dept. of Commerce.
Something to look forward to
Starting in 2008, social security benefits will not be taxable in Wisconsin.
Starting in 2009, up to $5,000 of retirement income may be exempt from Wisconsin
taxation for taxpayers who are 65 or over and with a lower income .
The Veterans and Surviving Spouses Property Tax Credit was revised to include
Wisconsin residents for any consecutive 5 years after entry into active service,
effective 2009. The age requirement of 65 has also been removed.
Also starting in 2009, up to $750 of child care expenses may be deducted from
Wisconsin income. The deduction is up to $1,500 if you have two or more qualifying
children.
Taxpayers who had no employer and were not self-employed in 2007 are allowed a
subtraction of 33.4% of their paid medical care insurance premium. "Unemployed"
individuals include someone temporarily unemployed, a nonworking spouse, or a
retired person. This subtraction will increase to 66.7% in 2008 and 100% for 2009 and
beyond. The subtraction for employees and self-employed individuals remains the
same, 100% subject to income limitation.
Tuition and Fee Expenses Subtraction
The deduction of tuition paid to a qualified school has been expanded to include
"Mandatory Student Fees." At UW-Madison, these fees include: student government,
General Student Services Fund, City Bus Pass Program, University Health Services,
Wisconsin Union … etc. The maximum subtraction from Wisconsin income for 2007 is
$4,843 per student.
Internet Equipment Credit
Effective July 1, 2007, taxpayers who are certified by the Dept. of Commerce may claim
a sales tax exemption on Internet equipment used in the broadband market.
Enterprise Zone Jobs Credit
Also effective July 1, 2007, qualifying taxpayers doing business in a Wisconsin
enterprise zone and have been certified by the Dept. of Commerce may be eligible for
the credit.
Dairy Manufacturing Facility Investment Credit
Effective 2007-2014, taxpayers who process milk into dairy products or process dairy
products for sale commercially may be eligible to claim a credit of 10% of the amount
paid in the taxable year for manufacturing modernization or expansion. Eligible
manufacturers must be certified by the Dept. of Commerce.
Something to look forward to
Starting in 2008, social security benefits will not be taxable in Wisconsin.
Starting in 2009, up to $5,000 of retirement income may be exempt from Wisconsin
taxation for taxpayers who are 65 or over and with a lower income .
The Veterans and Surviving Spouses Property Tax Credit was revised to include
Wisconsin residents for any consecutive 5 years after entry into active service,
effective 2009. The age requirement of 65 has also been removed.
Also starting in 2009, up to $750 of child care expenses may be deducted from
Wisconsin income. The deduction is up to $1,500 if you have two or more qualifying
children.