Bookkeeping and Tax Return services in Wisconsin
Wisconsin has various tax obligations, including individual and corporate income taxes and sales taxes.
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Bookkeeping Services offered by Meru Accounting In Wisconsin
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
-
Year-end payroll reporting
(W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation
Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Compliance Requirements:
Filing Deadlines:
- Individuals: Wisconsin individual income tax returns are due by April 15th.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments:
- Corporations: Quarterly estimated payments are required if the tax due exceeds $500.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax according to their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
Bookkeeping Software Expertise
Penalties for Non-Compliance:
Late Filing/Payment Penalties: Penalties can be up to 5% of the unpaid tax per month, with additional interest on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Wisconsin
Here is a list of tax services we offer in Wisconsin:
01. Individual Income Tax Preparation
- State 1040 Forms: Preparation and filing of Wisconsin Individual Income Tax Returns (Form 1040) for residents, non-residents, and part-year residents.
- Electronic Filing (E-file): eFiling for faster processing of returns and refunds.
- Deductions & Credits: Assistance with state-specific deductions, such as the Homestead Credit, Standard Deduction, and other tax credits available to individuals.
02. Business Tax Services
- Corporate Tax Preparation (C Corporations): Filing and preparation of corporate tax returns for C-Corporations (Form 1120) and S-Corporations (Form 1120S).
- Partnership Tax Returns: Filing of partnership returns (Form 1065) for LLCs or other partnerships.
- Sales and Use Tax: Filing sales tax returns (Form ST-12) and helping businesses understand their obligations under Wisconsin’s sales tax laws.
- Franchise Tax: Assistance for businesses subject to Wisconsin's franchise tax requirements.
- Employer Withholding Tax: Guidance on state income tax withholding for employees and preparation of the Employer’s Annual Reconciliation (Form WT-7).
03. Sales and Use Tax Services
- Sales Tax Registration: Assisting businesses with registering for sales tax collection in Wisconsin.
- Sales Tax Filing and Compliance: Preparing and filing Wisconsin Sales Tax Returns (Form ST-12), including detailed reports on taxable sales, exemptions, and proper deductions.
- Audit Support: Helping businesses with sales tax audits conducted by the Wisconsin Department of Revenue.
04. Property Tax Services
- Real Property Tax Filing: Assistance with local property tax assessments and filing for exemptions or credits.
- Personal Property Tax: Preparing and filing personal property tax returns for businesses that own tangible property (e.g., machinery, equipment) in Wisconsin.
05. Tax Planning and Strategy
- Tax Reduction Strategies: Providing advice on strategies to minimize state tax liabilities for individuals and businesses.
- Tax Credits and Incentives: Helping clients take advantage of Wisconsin-specific tax credits like the Research and Development (R&D) Credit, Economic Development Credits, and other incentives.
06. Tax Audit Representation
- Audit Support and Representation: Representation during audits by the Wisconsin Department of Revenue for individuals or businesses.
- Appeals Assistance: Helping clients appeal audit findings and seek resolution through Wisconsin’s tax appeal procedures.
07. Estate and Inheritance Tax
- Estate Tax Filing: Assistance with the preparation and filing of estate tax returns, particularly for estates subject to Wisconsin’s estate tax laws.
- Inheritance Tax: Although Wisconsin does not have an inheritance tax, we provide advice and services related to the transfer of wealth and estate planning.
08. Wisconsin Business Tax Incentives
- Research & Development Credit: Assisting businesses in claiming the state’s R&D tax credit for qualified activities and expenditures.
- Manufacturers’ Sales Tax Exemption: Helping manufacturers and wholesalers to qualify for sales tax exemptions on machinery and equipment purchases.
- Economic Development Incentives: Guidance on taking advantage of Wisconsin's tax incentives for business expansion, job creation, and investment.
09. Nonprofit Tax Services
- Tax Exemption Services: Helping nonprofit organizations navigate the process of obtaining tax-exempt status in Wisconsin.
- Form 990 Filings: Preparing and filing the annual Form 990 (Return of Organization Exempt from Income Tax) for tax-exempt entities.
10. Wisconsin Withholding Tax
- Employee Tax Withholding Setup: Setting up and maintaining employee tax withholding to ensure compliance with Wisconsin’s income tax requirements.
- Quarterly and Annual Returns: Preparing and filing quarterly (Form WT-6) and annual (Form WT-7) withholding returns for businesses.
11. Tax Resolution Services
- Tax Debts and Liabilities: Providing guidance on resolving back taxes, including negotiating payment plans or settlements with the Wisconsin Department of Revenue.
- Offers in Compromise: Assisting in submitting offers to reduce tax liabilities through compromise agreements.
12. Sales Tax Exemption Services
- Exemption Certificates: Assistance with applying for sales tax exemption status for qualified organizations and transactions in Wisconsin.
- Use Tax Compliance: Helping businesses comply with use tax requirements for out-of-state purchases.
13. Tax Advice for Contractors and Freelancers
- 1099 Forms: Preparing 1099 forms for independent contractors and assisting with tax planning for self-employed individuals.
- Deductions for Contractors: Identifying deductions available to contractors or freelancers, including home office expenses, travel, and business expenses.
14. Tax Filing for International Clients
- Nonresident Tax Filings: Preparing tax returns for nonresidents or foreign individuals who earn income in Wisconsin.
- International Sales Tax Compliance: Advising businesses with international operations on Wisconsin sales tax laws.
15. Tax Software Solutions
- Tax Filing Software Support: Providing guidance on using tax filing software to streamline the filing of state taxes, including Wisconsin-specific forms.
State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
