Saturday, January 19, 2013

Before you file your income tax form: 6 things to know about Michigan's changes | MLive.com

Before you file your income tax form: 6 things to know about Michigan's changes | MLive.com
Homestead Property Tax Credit:
The maximum $1,200 credit is no longer available to homes with a taxable value greater than $135,000.
That cap does not apply to rented homesteads.
Previously, taxpayers could claim a credit if their household income was $82,650 or less.
Now, taxpayers with household resources (which includes more than just income) totaling more than $50,000 will no longer receive the credit.
Credits are reduced for households with resources ranging from $41,001-$50,000.
Seniors can receive the full credit if their household resources are no more than $21,000.
The credit would be reduced by 4 percent for each additional $1,000 in household resources up to $30,000.
Senior claimants can receive 60 percent of the credit if they have resources of $30,000 to $41,000. After that, the phase out applies.
A full explanation can be found here.

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