Michigan Tax Reform. Taylor & Morgan, P.C August 16, 2011. Introduction. On May 25, 2011, Governor Snyder signed a series of bills related to tax reform. Give and Take Give: Replace the Michigan Business Tax with a Corporate Income Tax Take: Individual income tax changes.
Taylor & Morgan, P.C
August 16, 2011.
ABC Plumbing, Inc.
X Apportionment factor
Apportioned tax base
X Tax rate
State income tax
Net income defined as income after all expenses including officer compensation
Professional Corporations – all net income taxed at 34%
If shareholder is over social security limit, bonus net income to shareholder: