MADISON, WI (WTAQ) - Many Wisconsinites have started filing their federal and state income tax returns – especially those getting refunds.
Madison tax accountant Mike Scholz says your refund should be about the same as last year, if your income didn’t change much. That’s because the withholding tables did not change, and the tax rates stayed the same.
The state Revenue Department said the average refund totaled $685 a year ago. And about 80 percent of individual returns were filed online – one of the highest percentages in the nation.
Besides the Internet services, officials say they’re offering a free mobile app for the first time. Smartphone users can check the status of their refunds, and find a volunteer tax assistance site if they need one.
About 3 million state tax returns are expected to be filed between now and April 15th.
Scholz tells the Wisconsin State Journal that there were not many tax changes for 2012, but there are a few. Workers who don’t pay health insurance with pre-tax dollars can deduct 45 percent of their payments, up from the old 25 percent. Deductions have also risen for child and dependent care expenses.
More tuition can be deducted this year, and a number of new business tax credits take effect. Also, casino gamblers who win big won’t have to pay taxes on the winnings if they go on to lose a similar amount in the same session. But Scholz says they’ll need to have proof of the activity.