web analytics

Tag Archive | "deadline"

Deadline to file for new Michigan tax exemption is February 10


From Kent County Bureau of Equalization

 

There are new changes in Michigan’s Personal Property Tax beginning this year.

These changes exempt personal property from taxes under certain conditions. The Kent County Bureau of Equalization wants to be sure all property owners are aware of this new tax break, and that they file for exemption before a fast-approaching deadline.

A taxpayer who owns, leases, or has possession of personal property, with a total true cash value of less than $80,000, may request the property be exempt by filing an exemption affidavit (Form 5076) with the local unit of government. The affidavit must be filed by February 10 each year in order to obtain the exemption. If an affidavit is not timely filed, the property will not be exempted. Property owners who file the affidavit are not required to file the personal property statement as they have in the past.

“Businesses will want to pay special attention to their Personal Property Statements and other letters from their Assessor this year,” said Matt Woolford, Director of the Kent County Bureau of Equalization. “The majority of small businesses may find they are eligible to be exempted from paying personal property taxes. Like a homeowner, though, businesses will have to apply to their local assessor to receive an exemption. It is in every business owner’s interest to educate themselves on these new tax breaks. They should contact their local assessor to find out more how this law may apply to them.”

Along with the deadline, there are provisions that prevent property owners from dividing up their property among different entities to fall under the threshold. In addition, the law requires the property owner to maintain records demonstrating the value of their personal property and make those records available to the assessor on demand.

This is a significant change to the personal property tax law and property owners with questions are encouraged to contact their local Assessor’s office. For 2014 only, a taxpayer who misses the February 10 deadline may petition the March Board of Review to add the exemption; however, the Bureau of Equalization strongly recommends filing an exemption affidavit before the deadline.

The Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes (Form 5076) can be found at http://www.michigan.gov/documents/treasury/5076_439273_7.pdf or at your local Assessor’s office.

Posted in Tax TimeComments Off

Deadline near for Toys for Tots


Marcus McCarty, 4, and brother Logan, 1, the sons of Angela and Eric McCarty, of Cedar Springs, were so happy to drop off toys in the Post Toys for Tots drop box last week.
Have you dropped off your toys yet? Kids in our community need you to help! The official last day to collect is Monday, December 12. Drop off your new, unwrapped gifts in our box at 36 E. Maple Street, Cedar Springs. Put a smile on a child’s face this Christmas!

Posted in Featured, NewsComments Off

IRS extends filing deadline to April 18


Taxpayers impacted by recent tax breaks can file in mid-February

IR-2011-1, Jan. 4, 2011
WASHINGTON — The Internal Revenue Service opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds.
Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have three extra days to file this year. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.
The IRS expects to receive more than 140 million individual tax returns this year, with most of those being filed by the April 18 deadline.
The IRS also cautioned taxpayers with foreign accounts to properly report income from these accounts and file the appropriate forms on time to avoid stiff penalties.
“The IRS has made important strides at stopping tax avoidance using offshore accounts,” said IRS Commissioner Doug Shulman. “We continue to focus on offshore tax compliance and people with offshore accounts need to pay taxes on income from those accounts.”
The IRS also reminded tax professionals preparing returns for a fee that this is the first year that they must have a Preparer Tax Identification Number (PTIN). Tax return preparers should register immediately using the new PTIN sign-up system available through www.IRS.gov/taxpros.
Who Must Wait to File
For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems.
Some taxpayers – including those who itemize deductions on Form 1040 Schedule A – will need to wait to file. This includes taxpayers impacted by any of three tax provisions that expired at the end of 2009 and were renewed by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act Of 2010 enacted Dec. 17. Those who need to wait to file include:
Taxpayers Claiming Itemized Deductions on Schedule A. Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses as well as state and local taxes. In addition, itemized deductions include the state and local general sales tax deduction that was also extended and which primarily benefits people living in areas without state and local income taxes. Because of late Congressional action to enact tax law changes, anyone who itemizes and files a Schedule A will need to wait to file until mid- to late February.
Taxpayers Claiming the Higher Education Tuition and Fees Deduction. This deduction for parents and students – covering up to $4,000 of tuition and fees paid to a post-secondary institution – is claimed on Form 8917. However, the IRS emphasized that there will be no delays for millions of parents and students who claim other education credits, including the American Opportunity Tax Credit extended last month and the Lifetime Learning Credit.
Taxpayers Claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250. The educator expense deduction is claimed on Form 1040, Line 23 and Form 1040A, Line 16.
The IRS will announce a specific date in the near future when it can start processing tax returns impacted by the recent tax law changes.
Except for those facing a delay, the IRS will begin accepting e-file and Free File returns on Jan. 14. Additional details about e-file and Free File will be announced later this month.
This is also the first filing season that tax packages will not be mailed to individuals or businesses. Taxpayers can still get any forms and instructions they need online at  www.IRS.gov, or they can visit local IRS offices or participating libraries and post offices.

Posted in Tax TimeComments Off


advert

LOCAL Advertisers

Bryne Electrical
Kent Theatre
The POST

Get the Cedar Springs Post in your mailbox for only $35.00 a year!