Jonathan Oosting Detroit News Lansing Bureau Published 2:24 p.m. UTC May 30, 2018 Mackinac Island — Individuals bear too much of Michigan’s tax burden, Democratic gubernatorial candidates Gretchen Whitmer and Shri Thanedar said Tuesday as they rolled out new economic plans and raised the specter of possible tax code changes. Thanedar was heading to the annual Mackinac Policy Conference with a new proposal that could rile business officials arriving on the island ahead of the Wednesday kick-off. The Ann Arbor entrepreneur wants to eliminate income taxes for low-income residents but raise taxes $3.6 billion on corporations and wealthy individuals to pay for "people-friendly" programs, including universal child care, universal preschool and paid family leave. Whitmer did not detail a funding source for her plan, which calls for $100 million a year in new spending to create new college scholarships and skills training programs. The former Senate … [Read more...] about Whitmer, Thanedar unveil jobs and tax plans at business confab
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For the first time ever, students can attend an Oklahoma private school part-time yet have most or all of the tuition paid by scholarships funded through a state tax-credit program.The scholarship program, promoted by school-choice advocates, is typically used to subsidize tuition costs for full-time students at private schools.But The Academy for Classical Christian Studies, with three schools in the Oklahoma City area, has added a twist to the program: Its students can use the scholarships to attend school only two or three days a week, depending on their grade, while being home-schooled the other days. Under state law, these students are considered home-schoolers.But the part-time option raises questions about the intent of state law. Should a part-time student qualify for the same amount of tax-credit scholarship dollars as a full-time student? And could those students enroll in a publicly funded online charter school for their home-schooled days?The implications are potentially … [Read more...] about Oklahoma Watch: Home-schoolers get tax-credit funds to attend private school part-time
QUESTION: I have read about the changes coming through Making Tax Digital. What are these and are there any benefits for my business? ANSWER: Making Tax Digital (MTD) is part of the government's plan to make it easier for businesses to stay on top of their day-to-day finances. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the end of paper accounting for millions across Britain.From April 2019, legislation will require businesses above the VAT threshold (currently £85,000) to set up a digital tax account and file quarterly returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.Any business whose year-end date is other than March 31 should consider using MTD systems far earlier. For example, a business whose year-end is June 30 will be required to file its … [Read more...] about Is your business ready for Making Tax Digital?
Sales Tax: $0. Online shoppers have gotten used to seeing that line on checkout screens before they click "purchase." But a case before the Supreme Court could change that. At issue is a rule stemming from two, decades-old Supreme Court cases: If a business is shipping to a state where it doesn't have an office, warehouse or other physical presence, it doesn't have to collect the state's sales tax. That means large retailers such as Apple, Macy's, Target and Walmart, which have brick-and-mortar stores nationwide, generally collect sales tax from customers who buy from them online. But other online sellers, from 1-800 Contacts to home goods site Wayfair, can often sidestep charging the tax. More than 40 states are asking the Supreme Court to reconsider that rule in a case being argued Tuesday. They say they're losing out on "billions of dollars in tax revenue each year, requiring cuts to critical government programs" and that their losses compound as online shopping grows. But small … [Read more...] about Question of sales tax on online purchases goes to high court
For taxpayers who work best under the pressure of a deadline ... well, that's now.Returns must be filed by the end of Monday. But there's always a risk when scrambling to get returns in under the wire. You might make a mistake or overlook a valuable tax break.To avoid that, here are some tips for last-minute filers:File for free: The Internal Revenue Service partners with tax preparation companies to provide free online filing of federal returns if your adjusted gross income is $57,000 or less. That's about 70 percent of taxpayers.You must access the IRS' Free File through the agency's website, irs.gov.Unclaimed refunds: Time also is running out to claim old refunds. The IRS said it is holding $917 million in unclaimed refunds from the 2009 tax year owed to 984,400 taxpayers. That includes about $22.8 million unclaimed refunds owed to 23,100 Marylanders, the agency said.If the refund is not claimed by the April 15 deadline — three years after the original due date — the … [Read more...] about With tax returns due Monday, here’s advice for last-minute filers