Tax Deadlines Are Approaching

Tax Deadlines Are Approaching

by | Jun 29, 2020 | Taxes

Did you know that Michigan has pushed all April 2020 state and city income tax deadlines to July 2020 to help taxpayers during the COVID-19 pandemic. Returns and payments otherwise due on April 15, 2020, are now due on July 15, 2020. Returns and payments otherwise due on April 30, 2020, are now due on July 31, 2020. This applies to:
  • Annual state and city income tax returns and payments
  • Estimated state and city income tax payments
  • Estimated city income tax extension payments
Moreover, any penalties and interest for failure to file or pay will not begin to accrue until after the date of this extension deadline.
Tax credit benefits employers providing paid family and medical leave

Tax credit benefits employers providing paid family and medical leave

by | Jun 28, 2020 | Taxes

Under tax reform, employers providing paid family and medical leave might qualify for a tax credit.

Here are some facts about the credit.

An employer must have a written policy that provides:

  • At least two weeks of paid family and medical leave annually to full-time employees, prorated for part-time employees.
  • Family and Medical Leave pay that is at least 50 percent of employee’s wages.

Other facts:

  • For tax year 2019, the employee must earn $72,000 or less to qualify.
  • The credit ranges from 12.5 percent to 25 percent for qualifying employees.
  • Some employers are eligible to claim the credit retroactively.

For more information visit the IRS Tax Reform for Businesses page.

Gig economy workers: know your tax responsibilities

Gig economy workers: know your tax responsibilities

by | Jun 28, 2020 | Taxes

If you’re working in the gig economy, it pays to know your tax obligations. Pre-planning can ensure you are prepared when it’s time to file your tax return.

Just like any other job, money earned through the gig economy is taxable. If you make money from a gig economy activity, it’s generally taxable even if you don’t receive a Form 1099-MISC, Form 1099-K, W-2 or other information return.

Here are a few things you can do to throughout the year to avoid surprises at tax time:

  • Pay your taxes as you go.
  • Keep good records.
  • Check your Withholding now

More information is available at Gig Economy Tax Center on IRS.gov.

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