Dale Worden, Rotary Club of New Berlin, New Berlin RotaryHow changes in tax laws may affect you
 
Rotarian Dale Worden, CPA, reviewed some of the changes in federal and Wisconsin state tax laws. He discussed how they affect filing for 2015, as well as what to look for in 2016. He had time for just a sampling, which included:
 
- Qualified adoption credit is $13,400. Can be carried forward for 5 years.
 
- Mortgage insurance premium is deductible on federal and state forms.
 
- Business write-off amount (Sec. 179) decreased to $25,000 on new or used equipment
 
- Auto mileage expense. 57.5 cents/mile in 2015. Reduced to 54 cents/mile for 2016.
 
- Farmland credit available for Wisconsin filing. Must own more than 35 acres.
 
- K-12 school tuition may be deductible on Wisconsin form. Maximum of $4,000; must compute.
 
Be sure to consult your tax advisor with any questions.
 
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Also during this meeting, Rotarian Dianne Moore provided an update on the results of our murder mystery dinner. Preliminary indications are that we netted just shy of $3,400. Everyone agreed that it was a fun and successful event. Visit our image library for pictures from the event and a list of sponsors. Please support those businesses.