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Form 12277 Lansing Michigan: What You Should Know

This section shows how a Michigan taxpayer is able to deduct federal income tax while continuing to pay Michigan's effective state level income tax. This section is also used for the deduction of Michigan's local taxes. There isn't one single tax law in Michigan that prohibits a state tax deduction for interest or fees paid in connection with the preparation of Michigan's state income tax. You can read more about Michigan's tax deduction for interest and fees paid on Individual Income Tax Forms. A federal tax deduction for Michigan's state tax is not a blanket exemption, but rather a very specific law. The general rules that apply to income deductions vary from state to state, as well as from taxpayer to taxpayer. The general idea behind the “state tax deduction” is that all income in a local or state tax jurisdiction is deducted from your federal tax. This is the case even if the federal and state income tax rates are different. It is important that the deductions not be taken unless they are allowed under the Internal Revenue Code. For example, while the deduction can reduce any federal tax due, the deduction cannot be taken if it is not allowable under the Internal Revenue Code. Even though a local income tax deduction may help you save money on federal income tax, these deductions may not always be allowed. In addition, if you fail to claim Michigan's deduction for interest or fees paid on your federal income tax return, it can result in back taxes that are paid to the state or local tax agency. That money is then collected by that agency. Michigan's tax deductions for interest and fees paid on federal tax returns apply only when the taxpayer makes federal income tax withdrawals. Michigan's deduction cannot be claimed on federal income tax returns. Michigan's deduction is for the interest paid on your federal income tax while you are waiting to hear or receive a federal tax refund. The deduction cannot be claimed if you expect to receive or do not expect to receive a federal tax return. If you withdraw Michigan's state income tax deduction and fail to make a claim for a Federal tax return, you will be liable for a late filing penalty. The penalty will be the greatest of the following amounts: 6% of the amount of Michigan's federal income tax liability if the penalty is less than 1,000; 7% of the amount of Michigan's federal income tax liability if the penalty is more than 1,000; and These penalties is imposed only on an unpaid Michigan tax and isn't refundable.

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