Michigan Business Tax

March 15th, 2022 by admin No comments »

Effective January 1, 2008, the Single Business Tax as we have known it for 30+ years is no longer the business tax for Michigan. The Single Business Tax was often criticized for taxing compensation. The MBT no longer requires this “add-back” of compensation.

The legislature enacted the Michigan Business Tax (MBT) in the summer of 2007. We all heard a lot about the “services tax” which was repealed December 1, 2007 and now the attention will turn to the MBT.

As our economy continues to expand globally, the MBT was developed to reward investment in capital, jobs and research & development within the state of Michigan. It also captures tax revenues from businesses which were previously not taxed in Michigan.

Business income will be taxed at a rate of 4.95% and a Margins tax on sales minus purchases of tangible property at .8%. Due to the elimination of the services tax and the Governor’s requirement that the tax revenues lost be replaced in order to balance the budget, there is a “surcharge tax” which will exist through the year 2017 (unless re-legislated). This surcharge is 21.99% of your MBT liability after allocations and apportionments but before credits.

As was the case with the SBT, if your gross receipts are less than $350,000 you are not required to file Michigan Business Tax. However, with the MBT, if gross receipts are between $350,000 and $700,000 there is a smoothing of the tax rate. This means that you pay fraction of the tax liability using the formula ($700,000 – gross receipts)/$350,000. This smoothing formula was not part of the former Single Business Tax.

Lastly, there are numerous credits available under the new MBT. Certain of them are limited but each of them encourages jobs, investments and research & development within the State of Michigan.

If you are not a 12/31 year end client, please contact your CPA as there are special rules for filing a final Single Business Tax versus your initial Michigan Business Tax return.

Reputation Management is the Answer How Your Business Is Perceived

February 25th, 2022 by admin No comments »

Is it true that you are keen on finding out about dealing with your standing? Have you been searching for accommodating and solid data? Indeed, this article will ensure you get a few strong ideas. It will assist you with sorting out some way to more readily deal with your standing.

Posting data via online media locales is essential to your business’ standing. You should post a few times each week at any rate to actually run an advertising effort. Assuming you see that posting via online media locales is overpowering, consider recruiting an aide to make your posts for you.

At the point when individuals invest in some opportunity to offer something about your business, it is vital that you are sufficiently gracious to answer. While you might be an extremely bustling individual, it shows your crowd that you really care about them and what they need to say. This is imperative to keep a consistent client base.

At the point when you talk with your crowd, ensure that you do as such in a conversational tone. Individuals try to avoid the possibility of entrepreneurs continuously addressing them with promoting to them. While you would like to make a deal, you ought to never cause a client to feel like this is your main concern.

Be grateful. Assuming somebody leaves a decent audit about your organization, send them an individual message and express gratitude toward them for their criticism. On the off chance that conceivable, send your client a coupon for a specific percent off on their next buy as a much obliged. In the event that this is preposterous, earnestly say thanks to them for their input.

Assuming you will utilize anybody’s thoughts, you ought to constantly make a point to give them credit for that. Everybody out there can advance a little from others, so giving due credit will show individuals that you don’t think you are over that. This is an extraordinary method for getting their appreciation.

On the off chance that you own a business, treat your representatives consciously. Any other way, you might foster a negative standing as an entrepreneur. Certain individuals won’t give you business as a result of it.

Check any regrettable web-based content on your organization by reaching its maker. Assuming there is at any point any regrettable substance when you do an inquiry of your organization, take a stab at reaching the commentator, blogger or whoever posted it at the earliest opportunity. Inquire as to whether there’s anything you can do change their negative feeling to a good one. Assuming they are reluctant to do as such, compose a comment(if conceivable) with your side of the story.