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      November 17, 2018

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Tax Relief in Michigan

Michigan MapMichigan residents tend to fare well when looking at various dimensions of taxes collected within the state. For example, the state’s flat-rate individual tax of 4.25% is 11th lowest among all states that collect personal income taxes. Additionally, an average of $688 per person is collected annually in both state and local income taxes, ranking Michigan 18th lowest in the nation.

Michigan is also is 28th when it comes to federal income taxes collected; the statewide average of $9,475 is lower than the national average by more than $2,000. Even when looking at property taxes, Michiganders pay an average of $1,374 per person, ranking 21st highest in the United States.

However, Michigan has the 17th lowest median household income in the nation at $48,801, and experienced the second-largest decline in income at 24.3%. These financial struggles have led many state residents to choose tax relief in an attempt to manage their debt.

Michiganders are feeling the stress of owing local and federal tax authorities, and the accompanying threats of property seizure and wage garnishment. As the April 15 deadline to file taxes looms, Michigan residents living paycheck-to-paycheck are unlikely to have money set aside in savings to cover their tax obligations. Most people choose to meet their immediate, urgent needs - such as groceries, utilities, rent, and gas for their cars - rather than saving up to pay local, state, and federal tax bills.

Tax relief companies can provide residents with an alternative to such pressures. These companies work with clients’ outstanding tax debts and can often reduce such debt in significant ways. Experts in tax relief have a number of strategies by which they can help clients with their overall tax burdens, such as reviewing and amending tax returns, investigation of tax levies and liens, and negotiating penalty abatement.


Michigan's Pot Tax Is Too Low, Mitch Albom Says, Because It Could Be Higher

The goal [of legalization], at least partly, was to redirect the money going to (then) illegal drug dealers and put it to better public use through the government. And how did we do this

Published:  Mon, 12 Nov 2018 10:30:00 GMT

University of Michigan report: Effects of tax cuts on US growth to diminish

Economists at the University of Michigan say in an annual forecast that effects of federal spending and tax cuts on U.S. economic growth will start to diminish in 2019 before fading out in 2020. Resea...

Published:  Thu, 15 Nov 2018 08:19:00 GMT

These 2 states are considering some of America's lowest cannabis taxes

As voters weigh in on recreational cannabis initiatives in Michigan and North Dakota on Tuesday, they should take note that the two states would have some of America's lowest cannabis taxes.

Published:  Tue, 06 Nov 2018 10:18:00 GMT

Economists: Effects of Tax Cuts on US Growth to Diminish

ANN ARBOR, Mich. (AP) - Economists at the University of Michigan say in an annual forecast that effects of federal spending and tax cuts on U.S. economic growth will start to diminish in 2019 before f...

Published:  Thu, 15 Nov 2018 06:42:00 GMT

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

In recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes.

Published:  Tue, 13 Nov 2018 12:13:00 GMT

Which Companies Pay the Highest/Lowest Corporate Taxes

President Trump on December 22, 2017signed the Tax Cuts and Jobs Act. It cuts the corporate tax rate from 35 percent to 21 percent beginning in 2018. With 2017's tax overhaul permanently reducing ...

Published:  Wed, 07 Nov 2018 05:02:00 GMT

Walled Lake voters shoot down Michigan Airline Trailway tax proposal

A six-year tax proposal to help maintain, operate, improve, repair and rehabilitate a trailway was voted down in Walled Lake. Walled Lake voters were asked Tuesday to approve a tax, which would have b...

Published:  Thu, 08 Nov 2018 02:38:00 GMT

Recreational marijuana expected to be legal in Michigan by Dec. 6

Recreational marijuana will become legal on the books in Michigan starting Dec. 6 ... subject to a new 10-percent tax earmarked for schools, road and municipalities where marijuana businesses are loca...

Published:  Fri, 16 Nov 2018 18:10:56 GMT

Key House Democrat promises hearings on GOP tax package

SPRINGFIELD, Mass. (AP) - The Democratic lawmaker poised to lead the powerful tax-writing committee in the U.S. House said he would consider President Donald Trump's proposal for a middle-income tax c...

Published:  Thu, 08 Nov 2018 13:14:00 GMT

Democrat Whitmer wins Michigan governor race, beats Schuette

Republicans kept control of the state Senate despite losing seats, while the battle for the Michigan House majority remained unsettled. Schuette had called for an income tax cut and lower auto insuran...

Published:  Wed, 07 Nov 2018 21:51:00 GMT

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