Liz Gaengel Tax Service

Liz Gaengel Tax Service Welcome to my Tax Service, where I've been assisting with individual income tax preparation, small b 1040, Sch.

A & WI Long Form *$150.00
Includes E-file up to 3 W-2’s and/or 1099 R’s

Health Care Premium Credit Form 1095A $ 35.00+

Sch. B Interest & Dividends $ 5.00+
(includes 5 statements)

Sch. C Self

Employed Business $100.00+
Depends on time spent and information log

Sch. C EZ Small Business $ 50.00+

Sch. D Capital Gains/Losses $ 25.00+
(Depending on # of Stock Sales)

Sch. E Rental Property (Per Property) $ 75.00+

Sales of Rental $100.00+
Sale of Personal Resident $ 25.00

2441 Child Care $10.00+

4562 Depreciation per item $ 5.00

8379 Injured Spouse $ 5.00

8829 Office in Home $ 50.00

8863 Education, Tuition & Fees $ 25.00

EIC Earned Income Credit $ 25.00

Sch. H Homestead Credit $ 30.00 w/ Return
$ 50.00 without

Sch. I WI Adjustments to Fed per adjustment $ 10.00

WI WD WI Capital Gains $ 10.00

Stimulus adjustment $ 10.00

Happy New Year!Hard to believe it's time to wrap up 2024 taxes. Hope for a prosperous 2025. Not many tax changes for you...
01/03/2025

Happy New Year!
Hard to believe it's time to wrap up 2024 taxes.
Hope for a prosperous 2025.
Not many tax changes for your 2024 filing but watch for changes in 2025.
My tax letter will go out by month end.
Look forward to seeing you soon.

12/07/2023

Business as usual at my new address
12304 W Layton Ave
Greenfield WI 53228
Hope to see you in the New Year!
My client letter will go out mid January.

09/07/2023

Just a heads up in case you drive by or hear through the grape vine, I'm moving in the next month. Business as usual in my new home. Details to follow.

01/09/2023

Time to gather your documents:
Income documents:

Income from jobs: forms W-2 for you and your spouse
Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
Income from state and local income tax refunds and/or unemployment: forms 1099-G
Taxable alimony received
Business income—profit/loss statement, capital equipment information
If you use your home for business—home size, office size, home expenses, office expenses
IRA/pension distributions—forms 1099-R
Rental property income/expense—profit/Loss statement, rental property suspended loss information
Social Security benefits—forms SSA-1099
Income from sales of property—original cost and cost of improvements, escrow closing statement, cancelled debt information (form 1099-C)
Other miscellaneous income—jury duty, gambling winnings, Medical Savings Account (MSA), scholarships, etc.

Happy 2023! Look forward to assisting you in the near future. If you're on my mailing list my letter will go out in the next two weeks. If you're not on my list, what are you waiting for.

Liz Gaengel Tax Service can help!

Santa wasted no time getting his taxes done. Must be ready for his long winter nap. Good job Santa.
12/26/2022

Santa wasted no time getting his taxes done. Must be ready for his long winter nap. Good job Santa.

Way to give it Logan! Love watching you play. Fall enjoyment!
09/13/2022

Way to give it Logan! Love watching you play. Fall enjoyment!

01/22/2022

Many questions are being asked regarding selling from home and if it's taxable.
There are three levels of selling:
The casual seller
Hobbyist
For a business
At any time, the people who sell at any of these levels can have a sale that results in a taxable gain. Following is a brief explanation of these types of sellers.
Casual sellers engage in infrequent sales
When the sales price is less than what was originally paid for an item, no gain is realized. If you purchased a new lawn mower for $250 and later sold it for $50, that is not a $50 capital gain. Instead it is a $200 personal loss, which isn’t tax deductible. Those looking for a tax break could give their unwanted items as charitable donations to eligible organizations, making the items’ fair market value a possible itemized tax deduction. Just be sure to get receipts and keep a list of the items you donate.
Now, just as a one-time thing, if you had an antique lawn mower your great-uncle gave you and you sold it for $100 on eBay, that’s a $100 capital gain and it is reportable taxable income. But, if you start repairing antique lawn mowers to sell them on eBay, that activity could be considered a business by the IRS – even if you just think of it as a hobby.

Hobbyists and Business Operators Engage in Regular Sales
IRS guidelines state hobbyists sell items occasionally, not intending to make a profit from their activity. Hobbyists may deduct the expenses related to their hobby as miscellaneous itemized deductions, but not beyond the total revenue generated from the hobby. And, only the amount in excess of 2 percent of your adjusted gross income is deductible.

If sales become frequent activities done to make a profit, the IRS may classify that hobby as a business. If the taxpayer is the sole proprietor, purchases and sales must be reported on Schedule C. A tax benefit of operating a business is that ordinary and necessary business expenses can directly offset income and a loss can be shown.

Because of the new 1099K credit card reporting of all sales of over $600.00 taxpayers are worried that there rummage sale items will be taxed. They will not. If you are running a business for profit they will be taxed. Best advice is keep records of cost of item and sales.

12/29/2021

Time to wrap up 2021 - Make sure to start your important documents tax file. Pay your property taxes before 12/31 if you want that credit. IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience. See you very soon! Liz Gaengel

07/15/2021

Advance child tax credits will begin showing up today in your accounts or checks being issued. Remember this is an advance of a 2021 credit. If you don't qualify to claim the child do to shared custody and this is not your year to claim the child, make sure to opt out of credit to avoid owing taxes when you file your 2021 return.
Also certain people (under 150000 AGI) who filed early and paid taxes on there unemployment will be getting a tax refund.
My advice is keep copies/records of everything you receive.
Feel free to contact me with questions.
Stay safe and well!

01/27/2021

Great News for business owners...qualified business meals provided by Restaurants either dining in/carryout or catering are 100% Deductible in 2021 and 2022. Let's help out our restaurants

Address

12304 W Layton Avenue
Greenfield, WI
53228

Opening Hours

Monday 9am - 7pm
Tuesday 9am - 7pm
Wednesday 9am - 7pm
Thursday 9am - 7pm
Friday 9am - 4pm
Saturday 9am - 2pm

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