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Printable Form 1120-X Grand Rapids Michigan: What You Should Know

Income Tax Withholding Tables — Michigan taxpayers can fill out a form and submit it to the state to obtain a receipt for all withheld Michigan income tax money. The form needs to be signed and faxed to and faxed back within 20 days of the date the form was filed. See instructions on the Income Tax Withholding Tables. Income Tax Withholding Table 2023 Form 730, Income Tax Withheld for School District (EIN 133986) For more information on income tax withholding, visit the Michigan Income Tax Withholding Tables. Form 765-A, Interest Deduction for Nonresident Business Ownership for Certain Property in Michigan To deduct business interest expenses for nonresident business ownership, go to the Michigan Department of State, Division of Business Revenue website. You will find more information and links to additional tax forms for other states. Interest on Michigan capital investments has been reduced to the rate paid on qualifying principal, interest and fees. Nonresident interest income is deductible to the extent of nonresident interest expense. The interest expense deduction can be allowed directly on your Michigan income tax return or deducted by your Michigan employer as a business expense subject to the withholding tax rate. Interest is deductible under either type of tax method. The rate is 5%. Interest expense is subject to a tax penalty at the state level in Michigan up to the total interest paid on the property. A business should refer to the form for information on Michigan interest expense deductions. A nonresident owner may deduct interest cost in computing gain if more than 50% of their ownership interest in the business is used in the performance of real property business activities for which the business has paid or incurred the interest expense. The nonresident owner can also deduct any property taxes as self-employment income if nonresident interest expense qualifies them to deduct those taxes as self-employment income. For more information, go to the Michigan Department of State. Michigan has a 10 percent state income tax. Nonresident homeowners may deduct nonresident housing costs, however property taxes will be deducted to the extent of the property taxes paid on the property. Income Tax Withholding Tables — Michigan 2023 Form 720-B, Withholding Taxes on Qualified Business Income To reduce federal withholding tax for businesses that pay qualified small business income and income taxes on the qualified small business earnings in Michigan, the Michigan Department of Treasury's Division of Income Tax Administration created an attachment to Form 720B to provide information for nonresident owners.

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