4587 (Rev-2025

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The document is a Michigan Department of Treasury form (4587) for the 2008 Michigan Business Tax Schedule of Recapture, which outlines the process for reporting recapture of certain business tax credits and deductions. It details various types of credits subject to recapture, including MEGA Research and Development Credit, Employment Tax Credits, Entrepreneurial Credit, and Film Infrastructure Credit. The form provides line-by-line instructions for taxpayers to report recaptured amounts accurately and includes special instructions for Unitary Business Groups.

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Click ‘Get Form’ to open the 4587 (Rev) in the editor.
Begin by entering your name and Federal Employer Identification Number (FEIN) at the top of the form. Ensure that this information matches what is reported on your applicable MBT annual return.
Proceed to line 1, where you will input the amount of recapture for the MEGA Research and Development Credit. This should reflect any compliance issues as determined by MEGA.
For lines 2a, 2b, and 2c, enter amounts for the recapture of various MEGA Employment Tax Credits. Be sure to check previous filings for accuracy.
Continue filling out lines 3 through 9 based on your specific credits and deductions. Follow the detailed instructions provided for each line to ensure correct calculations.
Finally, sum all relevant lines on line 10 and carry this total to your appropriate MBT Annual Return form. Attach this schedule before submission.

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What is payroll deduction IRAs for small businesses publication 4587?

Payroll Deduction IRAs for Small Businesses, Publication 4587, describes an arrangement that is an easy way for businesses to give employees an opportunity to save for retirement. Profit Sharing Plans for Small Businesses, Publication 4806, describes a flexible way for businesses to help employees save for retirement.

What is considered a payroll deduction?

Traditional IRAs Traditional individual retirement accounts, or IRAs, are tax-deferred, meaning that you dont have to pay tax on any interest or other gains the account earns until you withdrawal the money. The contributions you make to the account may entitle you to a tax deduction each year.

What is a payroll deduction IRA?

A payroll deduction individual retirement account (IRA) is an easy way for businesses to give employees an opportunity to save for retirement. The employer sets up the payroll deduction IRA program with a bank, insurance company, or other financial institution, and then the employees choose whether to participate.

What is the SIMPLE IRA limit for small employers in 2025?

Payroll deductions are wages withheld from an employees total earnings for the purpose of paying taxes, garnishments and benefits, like health insurance. These withholdings constitute the difference between gross pay and net pay and may include: Income tax.

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