This month, Tony’s Tip addresses preparing your 2019 budget – and how planning for the expense of tax consulting services can lead to significant savings.
October 9, 2018
PLANNING FOR LOWER MICHIGAN PROPERTY TAXES IN 2019
Completing your company’s personal property return can be a time-consuming process, if you want to realize all of the savings that are built into filing form #5278 and supporting documents.
There is plenty of work you can complete before the filing deadline in February. By planning ahead, you can rest assured knowing your company is set up for success. We suggest beginning with these four steps:
- Verify that you are taking advantage of the manufacturing personal property tax phase-out which began in 2016.
- Contact your lessor(s), and ensure you both complete the necessary paperwork to claim your leased personal property under the lower tax rate mentioned in #1.
- Familiarize yourself with what qualifies as “Direct Integrated Support” as well as “Industrial Processing”.
- Use a skilled, professional property tax firm that has experience in this area, as a single parcel’s return can be composed of up to four separate forms.
It is never too early to schedule a consultation with Valu Tec, to ensure your company successfully navigates Michigan’s personal property phase-out to lower your property taxes in 2019.