The MBT Bite - How Much is Your Share?

ATTENTION - SMALL BUSINESS OWNERS DOING BUSINESS IN MICHIGAN:
Why concern yourself with the Michigan Business Tax (MBT)? Because you need to be sure the proper planning and research has taken place (or assure it is being done on your behalf) to protect your business from any unnecessary Michigan tax increases. The MBT is the new replacement tax for the former Single Business Tax (SBT) in the Michigan taxing system. Under the MBT, you fall into one of two categories, which we'll call: (1) allowed to follow the "good" rules or (2) forced to follow the "bad" rules. If you are fortunate enough to be in the first category, the changeover to the MBT will most likely go unnoticed. However, you should know the triggers that would place you into the latter category, because if you land in that category, even just a little, the price is very steep. For those of you already finding your business in that second category, please talk to a competent advisor (such as Valley Oak Financial) to assure all planning has been done to minimize your tax exposure. At VOF we have a great deal of experience, specifically from business planning done in 2008, that has produced significant tax benefits to those who chose to plan ahead. Now that it's 2009, there is not much you can do about 2008. Since it is prime tax season time, there is no better time than the present to get the MBT back on the proper course for 2009 going forward.