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Schedule C - Cost of Goods Sold

If your business produces income by manufacturing, selling or purchasing goods, you can deduct some of your expenses in the Cost of Goods Sold section of your Schedule C. In order to complete this section, you will need to input your...

Wisconsin Addition or Subtraction From Income - Differences in Federal and Wisconsin Basis of Assets

You may need to add or subtract if there is a difference between the federal basis and the Wisconsin basis of your property. Enter the additions in the Addition to Income section and the subtractions in the Subtraction from Income section...

Wisconsin Addition or Subtraction From Income - Differences in Federal and Wisconsin Basis of Partnership Interest

An addition or subtraction may be necessary if you sold your interest in a partnership and any increases or decreases were made to the federal basis of your partnership interest in taxable years prior to 1975, which resulted from...

What is Second Lowest Cost Silver Plan (SLCSP)?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

What is Second Lowest Cost Silver Plan (SLCSP)? Obamacare/ACA

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

What is the Second Lowest Cost Silver Plan (SLCSP) and the Affordable Care Act /Obamacare?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

What is a HUD-1 Statement?

Below is a helpful table of typical tax treatments of major line items from your HUD-1 statement. However, there may also be certain items that are treated differently depending on your particular tax situation. A notation of "basis" refers...

How do I report the Sale of Timber?

by going to Federal Section > Income (Enter Myself) > Other Income > Other Income Not Reported Elsewhere. Determining Your Cost Basis: General rules apply for determining the cost basis as calculated by the IRS. Your basis is usually...

1099-B: Proceeds from Broker and Barter Transactions

or exchange Box 1D Sales Price- The cash proceeds reduced by any commissions or transfer taxes related to the sale Box 1E Cost- The cost or other basis in the securities (original price) Box 1G Adjustments- Amount of nondeductible loss in a wash...

Depreciation- Understanding the Basics

Depreciation is a tax deduction that allows the taxpayer a way to recover the cost (or other basis) of certain types of property. The deduction allowance is calculated annually for the wear and tear, deterioration or obsolescence...