Taxes & Incentives……..
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Free Tax PreparationVolunteers from local community organizations help prepare basic tax returns for the elderly and for low- to moderate-income citizens (approximately $49,000 and below). This service is available through the following main resources. Contact these organizations for their days and hours of operation and locations: 1) Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) at 1-800-906-9887. 2) AARP at 1-888-227-7669 or visit their Web site at www.aarp.org/money/taxes/aarp_taxaide/. Michigan Business Tax:
The Details The Michigan Business Tax (MBT) taxes apportioned business income at 4.95% and apportioned gross receipts (minus purchases from other firms) at 0.8%. A surcharge of 21.99% is applied to the income tax and gross receipts tax prior to credits. The MBT is apportioned to Michigan on a single sales factor. Companies are required to file as a unitary group. The Credits The MBT provides credits for small business, entrepreneurs and others, while crediting expenditures on:
For More Information On The MBT: Personal Income TaxMichigan’s personal income tax rate is one of the the lowest in the nation – a flat 4.35% tax rate that is scheduled to decline in the next few years.
Important Numbers for Tax MattersCustomer Service Individual ………………………..517-636-4486
Order Tax Forms Individual………………………….517-636-4486
Customer Service Business……………………………517-636-6925
Registration for New Businesses……………………..517-636-6925
Treasury’s Collection Division……………………….517-636-5265
IRS Hotline……………………………………………….800-829-1040
IRS Business Line (includes non-profit info)……….800-829-4933
Additional Numbers
Tax Credits, Incentives & RebatesConsumers Energy (Electric)
Rebates up to $350 for efficient heating and cooling system upgrades and efficient appliances.
Consumers Energy (Gas)
Rebates up to $860 for boilers, furnaces, programmable thermostats, water heaters and pipe wrap.
Efficiency United (Gas)
Free weatherization products and services plus rebates for energy audits, ENERGY STAR clothes washers, furnaces, water heaters, set-back thermostats, boilers, windows, air sealing and insulation.
Efficiency United (Gas)
Rebates equal to 50% of the job cost up to $3050 for energy efficiency improvements including: HVAC, insulation, windows, doors and more; $300 rebate for energy audit.
Lansing Board of Water & Light
Rebates on efficient equipment including room AC units, central AC, furnaces with ECM motors, dehumidifiers, refrigerator and freezer recycling and more.
Michigan
Tax credits for insulation, water heaters, furnaces, windows, refrigerators, clothes/dish washers, at 10% of installation cost for both single and joint filers.
Michigan Saves
Loans for energy efficiency improvements including windows, HVAC, water heaters, appliances, solar and more.
US Government
Rebates and incentives from utilities for efficiency are not taxable.
US Government
Federal tax credit of 30% of cost for solar panels, wind energy, solar water heaters, geothermal heat pumps and fuel cells.
US Government
Federal tax credit of 10% up to $500 of cost for energy efficiency upgrades like heat pumps, furnaces, air conditioners, insulation, water heaters, windows, doors and roofs.
US Government
Loans from FHA, VA and other lenders for energy efficiency upgrades and renewable energy upgrades like solar panels and passive solar space heaters.
US Government
Grants for energy generation, transmission and distribution facilities in rural communities.
News You Can UseTax Teams Available to Help Employers as Tax Time Approaches |