The legislation requires employers to withhold city income taxes from paychecks of Detroit residents.
Snyder says the law will make it “easier for residents to file their tax returns correctly” and reduce the amount of incorrect property tax credits paid.
Tax breaks can make raising children a little more affordable.
Taxpayers have until Wednesday, April 15, 2015 to file their 2014 tax returns and pay any tax due.
A committee in the Michigan Legislature has voted to cut the state income tax rate from 4.25 percent to 4.05 percent by 2016.
The credit is worth up to $1,200 and is more substantial for seniors and lower-income earners.
Taxpayers could save $371 million in the next budget year and $873 million the year the reduction is fully phased in.
Anticipating a sizable budget surplus, Republican lawmakers want to enact a broad-based tax cut for residents this election year.
With the U.S. staring down the barrel of a default deadline, an economist says an agreement on the budget may be too little, too late.
Experts recommend using some type of guidance to navigate forms and maximize your returns.