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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667




Friday, December 31 2010

Michigan Personal Income Tax Developments for Tax Year 2010 

The Michigan Department of Treasury has addressed various personal income tax developments for tax year 2010. The annual mailing of tax instruction booklets is severely limited; however, all forms and instructions are available online.

The developments highlighted include the following:

  • There is an amnesty program available from May 15 through June 30 in 2011.

  • The tax rate for 2010 is 4.35%.

  • The 2010 personal exemption allowance is $3,600, and the special exemption allowance is $2,300.

  • The 2010 exemption amount for qualified disabled veterans is $300.

  • Pension benefits included in adjusted gross income may be deducted up to a maximum of $45,120 for single filers or $90,240 for joint filers.

  • Senior citizens age 65 or above may deduct a portion of the interest, dividends, and capital gains included in adjusted gross income up to a maximum of $10,058 for single filers or $20,115 for joint filers.

  • If military members are serving in a combat zone on April 18, 2011, then they will have 180 days after leaving the combat zone to file a tax return without interest and penalty.

  • The standard allowances and income ceilings for the home heating credit are provided.

Taxpayers are reminded that they have until April 18, 2011, to file or amend 2006 tax year returns.

Posted by: Ed Kisscorni AT 09:07 am   |  Permalink   |  0 Comments  |  Email

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