Tax Services

Badger & Fox Tax and Businesses offers a full line of tax services.

Serving Individuals, Trusts, Businesses and Estates with tax return preparation and tax planning. We also assist with tax notices and audits by federal, state and local taxing authorities.

Individual tax rates – All the individual marginal tax rates will remain except starting in 2013 a new top rate of 39.6% is imposed on taxable income over $400,000 for single filers, $425,000 for head-of-household filers, and $450,000 for married taxpayers filing jointly ($225,000 for each married spouse filing separately).

IRS standard mileage rates

2016

  • 54 cents per mile for business miles driven
  • 19 cents per mile for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

2015

  • 57.5 cents per mile for business miles driven
  • 23 cents per mile for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Social Security

2013

  • $113,700 Social Security base for wage earners
  • If under full retirement for the entire calendar year, retirement benefits will be reduced for earned income above $15,120

2012

  • $110,100 Social Security base for wage earners
  • If under full retirement for the entire calendar year, retirement benefits will be reduced for earned income above $14,640

Foreign Asset Reporting –

Taxpayers with specified foreign financial assets will have to begin filing Form 8938 along with their federal income tax return

Estate and Gift Tax –

The estate and gift tax exclusion amount is retained at $5 million indexed for inflation ($5.12 million in 2012), but the top tax rate increases from 35% to 40% effective January 1, 2013.  The estate tax portability election, under which, if an election is made, the surviving spouse’s exemption amount is increased by the deceased spouse’s unused exemption amount, was made permanent by the act.