Money Monday: What to know about tax credit for other dependents
This week we are discussing the third of three important tax credits for taxpayers with dependents living in their homes. They can receive a $500 tax credit for each person, mom and dad, older grand children, sometimes not even family members. Watch the video above to learn the rules and how this can benefit you. Resources:More: Money Monday section
Taylor veteran offered tax lifeline after being swindled out of money
TAYLOR, Mich. – An American hero who had fallen on some rough times had a life-changing day. Ogden got bamboozled and was swindled out of the money he had to pay the taxes on his Taylor home. He found himself drowning in debt before he stumbled onto Disability Network Wayne County Detroit, who stepped in to help. Ogden was given enough money Thursday to pay back all his taxes and he was able to step into the black from a mountain of red. The funding came from COVID Cares Act monies, distributed by the Disability Network Wayne County Detroit.
Tax season: Can you write off your home office if you are temporarily working from home?
That shift to working from home could have a big impact on your income taxes. If you are a 1099 employee then you can take a home office deduction. “A lot of people were expecting to be able to write off their home office when in fact they can’t,” Luis Garcia with the IRS said. If you’re a gig worker, sub contractor of self employed -- or have a side hustle -- and use your home office only for that business then you can get the home office deduction. It’s important to note that if you’re thinking of selling your home in the near future then you’re going to have to give back the deduction you receive now.
Michigan to begin processing individual income tax returns mid-Feb.
Business men work with calculator and laptop on the white table at officeThe state of Michigan will process individual income tax returns beginning Friday, Feb. 12, officials announced Wednesday. The Michigan Department of Treasury says it will begin processing state income tax returns at the same time the IRS does -- on Feb. 12. “We coordinate with the IRS to process tax returns and issue refunds,” said State Treasurer Rachael Eubanks. Michigan income tax returns and payments of taxes owed must be received by the state by April 15, 2021. You can learn more about individual income tax in Michigan at the treasury’s website here.
Heres what to do if you missed Michigans income tax return filing deadline on July 15
Individual income tax returns were supposed to be filed by July 15 in Michigan -- an-already extended deadline amid the coronavirus (COVID-19) pandemic. State income tax returns can be claimed within four years. For Michigan tax filers who missed the July 15 deadline, the state treasury listed the following actions to consider:Filing a return to claim an outstanding refund. Taxpayers risk losing their state income tax refund if they dont file a return within four years from the due date of the original return. For more information or an application, visit www.michigan.gov/oicOfficials say the last three options listed above should be filed separately from the state income tax return.
Extended deadline to file Michigan income tax return approaching
LANSING, Mich. The deadline to submit individual income tax returns for Michigan residents is approaching. State income tax returns are due on July 15. MORE: Coronavirus in Michigan: Heres what to know July 1, 2020Michigan taxpayers can submit their returns online or by mail before midnight on July 15. Officials are encouraging individuals to file their tax returns online. Residents who file online typically receive their refund about two weeks after the state accepts the tax return.
Michigan Treasury extends tax payment deadlines for businesses amid coronavirus pandemic
LANSING, Mich. The Michigan Department of Treasury announced Saturday that business taxpayers have additional time to pay their Sales, Use and Withholding (SUW) taxes amid the coronavirus (COVID-19) pandemic. MORE: Coronavirus in Michigan: Heres where we stand as of Saturday morningMichigan businesses can postpone SUW tax payments through June 20 without penalties or interest. Moving the sales, use and withholding tax deadline until June and providing other repayment options will help taxpayers navigate their way through this crisis.Officials say the deferment option is not available for accelerated SUW tax filers. The state Treasury will announce additional payment options available to business taxpayers in the future, officials said. Businesses with questions can learn more or contact the state Treasury at their website here.
Mnuchin: Income tax filing deadline moved from April 15 to July 15
WASHINGTON – United States Secretary of the Treasury announced Friday that the income tax filing deadline will be moved from April 15 to July 15. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Secretary Mnuchin announced. At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. — Steven Mnuchin (@stevenmnuchin1) March 20, 2020The administration had announced earlier in the week that it would delay the payments, a move that Mnuchin said would leave $300 billion in the economy at a critical time.
Struggling to file your taxes? Get your questions answered
DETROIT – Tax season is underway. If you’re struggling to start filing your taxes because you have questions there is help. Experts with the Michigan Association of Certified Public Accountants are here to answer questions. Call 313-298-WDIV with questions -- Phone line remains open until 6:30 p.m.