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Form 1120-X for Detroit Michigan: What You Should Know
Add the following item: ▷ Business income of the corporation ▷ Business capital ▷ Capital expenditures ▷ Taxes due ▷ Taxes receivable ▷ Tax allowed in excess of tax due ▷ Tax, interest, penalties, interest due or payable, plus accruals and reserves on any interest that is due or is payable, and reserve on any tax and penalty due thereon, plus accrued interest and penalties as if any of those items were income of the corporation. 4. If the corporation has a U.S. federal rate (35 percent) in effect for that year and the corporation filed an annual report of taxable income of 1 million or more, add “3.10% to 6.35%”. If the corporation filed no annual or other returns for the year, add “3.10% to 3.35%”. 5. Enter the corporation's fiscal year beginning with the first day of the corporation's taxable year in its complete form, starting on line 1. If other than fiscal year's beginning day of taxable year of the corporation, enter the last day of that year and/or the beginning day of its next taxable year. If none, enter “January 1, 2015”. If the corporation's fiscal year is subject to a federal corporate rate (35 percent), its period of qualification is “fiscal year beginning with the last day of the last taxation year”. 6. Complete the remainder of Schedule A, “Form 1120-X” as attached to your tax return, and attached to line 15 of your tax return as a PDF file. 7. Insert the following information into each line item on Schedule A of the first and last page of your tax return: ▷ First year's amount of tax due. This amount is the corporation's state income or use tax liability, plus any income tax, plus interest, plus penalties or interest in excess of tax due and reserves, plus any accrued amounts and penalties to be paid, plus a reserve or other reserve on interest or penalty due. If that amount includes interest accrual, or if accrued interest, penalties, and/or interest reserves are to be added to tax, attach a separate line item “Estimated tax due on this amount”. Example 1 — First year's amount of tax due is 2,890 (tax liability = 7,000 plus 140 in state income tax plus 3,200 state use. Tax liability for Michigan).
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