Tax Exemption of Personal Property Taxes for Small Businesses
Your company could be eligible for an exemption of personal property tax for 2015. Because of the legislation for personal property tax, there may be changes in the way you file your annual personal property taxes this year.
For your business to be eligible and qualify for the exemption of personal property tax you must meet these following conditions;
True cash threshold is less than $80,000. This includes industrial and commercial personal property that is;
owned or leased by the entity claiming the exemption
possesses the owner or related entity claiming exemption – includes the value of leased equipment.
Personal Property has to be classified as industrial or commercial as in MCL 211.34c
The personal property is not leased or used by the person who it was previously owned by or a person who controls it or is controlled by.
For your business to be able to claim the exemption, the owner must file the affidavit annually NO LATER THAN FEBRUARY 10TH each year.
The affidavit must be filed every year or you get a tax assessed and if they are filed a day late you get the full tax assessed. If the affidavit is filed the owner does not have to file the personal property tax statement in that tax year. Contact your Tax Filing Experts at Comprehensive for more information on this tax exempt affidavit.
The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-Services online registration page.
The actual IRS e-Services page offers web-based products for tax preparers, not the general public. The phony web page looks almost identical to the real one.
The IRS gets many reports of fake websites like this. Criminals use these sites to lure people into providing personal and financial information that may be used to steal the victim’s money or identity.
The address of the official IRS website is www.irs.gov. Don’t be misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov.
If you find a suspicious website that claims to be the IRS, send the site’s URL by email to [email protected]. Use the subject line, ‘Suspicious website’.
Be aware that the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels.
If you get an unsolicited email that appears to be from the IRS, report it by sending it to [email protected].
The IRS has information at www.irs.gov that can help you protect yourself from tax scams of all kinds. Search the site using the term “phishing.”
On May 25, 2011, Governor Rick Snyder signed legislation restructuring Michigan’s tax structure. This new legislation will take effect on January 1, 2012 and does not apply to or otherwise impact 2011 tax returns that are due in 2012. Instead, the first returns that are affected by this legislation are those returns that are due in 2013.
Overview information on how the changes affect the various taxes is located below. More detailed information will be made available as it’s developed.