"When Michiganders file their 2023 state income taxes in 2024, they will see the rate adjustment in the form of less tax owed or a larger refund." The tax cut is the result of a 2015 law that required the rate go into effect if Michigan's general fund grew fast...
People who qualify for the Earned Income Tax Credit, which is also known as the Working Families Tax Credit, could pay less in both federal and state taxes, pay no tax or get a tax refund. In 2023, Gov. Gretchen Whitmer signed legislation that increased the average refund...
meaning that everyone that receives income from the state of Michigan whether they are a resident or not will pay a portion of it back to Michigan. Michigan's current rate is 4.25% which is where it was for years before there was a slight decrease down to 4.05% in 2023. The flat rate...
Retailers who self-remit the Tax may take a credit on their Final Return with supporting documentation. In addition, retailers that have unsold inventory as of December 1, on which they previously remitted floor tax, may obtain a refund of the floor tax through the Department’s standard refun...
important; overflow:hidden;" width="100%"> A potential refund opportunity under the Michigan corporate income tax may justify taking action before year end. The issue concerns the Michigan Department of Treasury’s position that the Internal Revenue Code (“IRC”) 163(j) interest expense limitatio...
Pierog, Karen
Get your biggest tax refund, guaranteed. Get started today. Weekly Unemployment Available with Dependents (Min – Max) $0 – $362$6 additional for each dependent, up to five dependents. Number of Weeks covered in Benefit Year (Min – Max) 14 – 20 weeks Minimum Qualifying Wage Base...
The bill would reduce revenue by nearly $1.4 billion this fiscal year, nearly $2.8 billion next year and $2.5 billion in 2023-24 — largely in the $13 billion annual general fund. The governor has proposed restoring Michigan's earned income tax credit to 20% of the federal c...
Understanding the Importance of Payroll and Individual Tax Compliance Because most Americans pay the lion’s share of their federal income tax liability through withholdings from their paycheck, payroll withholding laws are some of the most enforced tax laws at the federal level. Employers are required...
As PA 202 has increased awareness of unfunded accrued liability for retiree health care and other post-employment benefits (OPEB), it has also created greater demand for tools to prefund those obligations. This video will introduce you to two programs MERS offers to help municipalities take a pr...