CPA Practice
DECEMBER 22, 2023
via TNS) A temporary cut to Michigan’s income tax will not be made permanent under a judge’s ruling this week. Michigan Court of Claims Judge Elizabeth Gleicher ruled Thursday, Dec. 21 the income tax rate can revert back to a default 4.25% on Jan. By Rose White, mlive.com. The ruling sides with Gov.
CPA Practice
JANUARY 13, 2023
State treasury officials estimate Michigan government will see a $9.2 billion surplus at the end of this fiscal year, increasing the likelihood that all that cash could trigger a permanent cut in the state income tax. Michigan’s fiscal year runs from Oct. By Alyssa Burr, mlive.com (via TNS).
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CPA Practice
AUGUST 7, 2023
Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. Income tax returns: Who’s on first?
CPA Practice
APRIL 9, 2024
These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.
CPA Practice
FEBRUARY 16, 2024
Due to severe storms in August 2023, individuals and business taxpayers in some Michigan counties have until June 17, 2024, to file various federal individual and business tax returns and make tax payments, the the Internal Revenue Service has announced. Quarterly estimated income tax payments normally due on Sept.
CPA Practice
MARCH 12, 2024
Others are low- and middle-income earners. The impact on homeowners has inspired grass-roots efforts such as a proposed Michigan ballot initiative that would not only abolish state and local property taxes, but require supermajority votes in the Legislature to raise other taxes. North Dakota GOP Lt.
CPA Practice
AUGUST 21, 2023
By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _
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