The Small Business Tax Help Blog

Posts Tagged ‘michigan business’

How to start a home based business in Wyoming

Senate Session 2011-02-02 (17:42:53-18:43:14)

Horizon Bancorp Announces Record First Quarter Earnings

– Horizon Bancorp today announced its unaudited financial results for the three-month period ended March 31, 2011.

Authors@Google: Paul Ingrassia

Bill introduced in Lansing to repeal Michigan Business Tax

Lawmakers in Lansing aren’t wasting any time in making reforms, starting with the Michigan Business Tax.

Senator Jansen defends his position on the need to remove the job killing surcharge in the Michigan Business Tax.

Question: If you pay cash for a home – a percentage of which is used regularly for business, how can that be expensed?

From what I understand, there are Michigan tax laws allowing deductions for renters and lendees, but what about those responsible people who have chosen not to live their lives in debt? Are they just out of luck?

Answer: strict IRS rules for home office use – you have to use one separate room or area that is NEVER used for anything else – whatever the square footage of that area is, is what portion of rent/mortgage/ utilities, etc you can deduct prorated by the months in a year -ex -1500 sq ft house – one bedroom is your office 150 sq feet. first year-started using i in July. 150/1500 = 10% x 6mos/12mos (50%) = 5% home office use – 10% in following years. separate business phone line would help too. This is for federal tax returns – probably similar for state returns. Renters are eligible also – for federal tax deduction

Lester Radke named Humanitarian of Year

He has touched the lives of children and adults with disabilities, abused children, uninsured sick people, those with cancer, even lost pets.

Senator Gretchen Whitmer on fixing the Michigan Business Tax