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Controlling Your Taxes Your State Tax Obligations Michigan Taxes on Business Income in Michigan
Controlling Your Taxes Your State Tax Obligations Michigan Taxes on Business Income in Michigan
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PrintTaxes on Business Income in Michigan
As in every other state, the state of Michigan has various types of taxes. All of these tax types are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.
- Franchise tax is required from most corporations doing business in Michigan.
- Income tax on business income computed at 1.9 percent of business net income is required of all forms of business in Michigan.
- Personal income tax, based on a person's income, is 3.9 percent of taxable income in Michigan.
