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C-8009, 2005 Michigan SBT Allocation of Statutory Exemption, Standard Small Business Credit and Alte

C-8009, 2005 Michigan SBT Allocation of Statutory Exemption, Standard Small Business Credit and Alte-2025

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The document is a form (C-8009) issued by the Michigan Department of Treasury for the allocation of statutory exemptions, standard small business credits, and alternate taxes for members of controlled groups. It outlines the identification of members, calculation of adjusted business income, and eligibility criteria for small business credits based on gross receipts and income thresholds. The form provides detailed instructions for completing various parts related to tax calculations and credit allocations among group members.

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What is the Michigan small business alternative credit?

Michigan corporate income tax The CIT, which replaced the Michigan Business Tax (MBT) for most taxpayers, is a flat rate of 6%. You can take one tax credit with the CIT, the small business alternative credit, which offers an alternate tax rate of 1.8% of your adjusted business income.

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

All businesses pay the CIT on their taxable income if they have a substantial nexus in the state. This means the business has a physical presence or collects at least $350,000 in gross receipts in Michigan.

What taxes do small businesses pay in Michigan?

Key State Taxes for Michigan Small Businesses Personal Income Tax. Rate: Michigan has a flat 4.25% state income tax rate. Corporate Income Tax (CIT) Rate: Michigans 6% CIT applies to C Corporations and LLCs electing corporate taxation. Sales and Use Tax. Employer Payroll Taxes.

What is the unrelated business income tax in Michigan?

UNRELATED BUSINESS INCOME TAX (UBIT) The department that engages in the activity generating the unrelated business income will bear the tax liability. The UBIT tax rate is based on the corporate tax rate, so net taxable income for unrelated activities is taxed at a flat tax rate of 21%.

Who is subject to Michigan business tax?

Business Income Tax The tax is imposed on the business income of all taxpayers (not just corporations) with business activity in Michigan, subject to the limitations of federal law.

Who is tax exempt in Michigan?

An additional personal exemption is available if you are the parent of a stillborn child delivered in 2024. The state also provides an additional $3,300 exemption for each tax filer or dependent in the household who is deaf, paraplegic, quadriplegic, hemiplegic, totally and permanently disabled, or blind.

How much does a small business have to make to be taxed?

Income of $400 or less after deductions Generally, self-employed individuals must pay a self-employment tax to make sure they pay their portion of FICA taxes based on their annual income. But, if your net earnings from self-employment were less than $400, you dont have to file a business tax return.

What is subject to Michigan use tax?

Use tax is a companion tax to sales tax. Use tax of 6% must be paid to the State of Michigan on the total price of all taxable items brought into Michigan or purchases through the internet, by mail or by phone from out-of-state retailers that do not collect and remit sales or use tax from their customers.

C-8009, 2005 Michigan SBT Allocation of Statutory Exemption, Standard Small Business Credit and Alte-2025

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