Michigan tax Business Forms

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Commonly Asked Questions about Michigan tax Business Forms

What is the MBT tax in Michigan?

The Michigan Business Tax (MBT), which was signed into law by Governor Jennifer M. Granholm July 12, 2007, imposes a 4.95% business income tax and a modified gross receipts tax at the rate of 0.8%. Insurance companies and financial institutions pay alternate taxes (see below).

What is Michigan CIT?

Michigan Corporate Income Tax (CIT) The CIT imposes a 6% corporate income tax on C corporations and taxpayers taxed as corporations federally.

What is a Michigan Corporation subchapter S?

An S corporation, or S corp, is a special tax status available to corporations and limited liability companies (LLCs). S corps are typically smaller businesses. Many S corps only have one owner. Both C corporations and LLCs can apply via the Internal Revenue Service (IRS) for S corp status.

FormsWhat forms do I need to file Michigan taxes?

In addition, current year commonly used forms will continue to be available at Michigan Department of Treasury offices, most public libraries, Northern Michigan post offices, and Michigan Department of Health and Human Services (MDHHS) county offices. Where can I obtain Michigan Individual Income Tax forms? michigan.gov questions iit ion michigan.gov questions iit ion

Who must file Michigan MBT?

With this broad definition, essentially all businesses with gross receipts greater than $350,000 attributable to Michigan will be subject to the MBT tax. Taxpayers with an annual combined MBT liability expected to exceed $800 are required to file quarterly estimates.

How much can a small business make before paying taxes in Michigan?

Filing Thresholds Taxpayers with less than $350,000 in allocated or apportioned gross receipts are not required to file a return or pay the tax.

Does Michigan require LLC to file tax return?

Learn about annual report and tax filing requirements for Michigan LLCs. If youre operating a limited liability company (LLC) in Michigan, then youll need to follow the states LLC laws to keep your company in good standing. As a Michigan company, you must file an annual statement and pay applicable business taxes.

What is the difference between CIT and MBT in Michigan?

The CIT replaces the Michigan Business Tax; however, MBT taxpayers who have received or been assigned certain certificated credits may elect to continue to file under the MBT rather than the new CIT in order to claim such credits. Filing Requirements 2. Who must file CIT quarterly estimates?

Where can I get Michigan tax forms?

Current and prior year Michigan tax forms may be obtained by one of the following methods: Downloading the desired form from our web site or by calling 1-800-827-4000 and placing your request. Please allow 30 days for forms to be mailed. These services are available 24 hours a day 7 days a week.