At the end of 2021, the state of Michigan passed a new amendment to the Income Tax Act, allowing a flow-through entity in Michigan to pay state and local tax on behalf of its members and partners. This change could lead to a significant tax saving on your personal return.
Individuals may qualify for Michigan’s state and local deduction by electing the pass-through entity to pay state and local tax on behalf of their members and partners.
Join Maner Costerisan tax expert, Matt Latham, Partner, to learn more about the state’s new flow-through entity law during a webinar on Monday, January 31 at 11:30 am. Matt will highlight the benefits to corporations or partnerships with pass-through entities and detail the tax implications to their members’ and partners’ personal returns.
If you have a pass-through entity (like an S Corp, Partnership) that has taxable income on your personal tax return AND you have a limited amount of state income tax you deduct on your Schedule A, this webinar is for you!