Are you missing out on these exemptions?
There have been several recent tax changes to Michigan tax law. New exemptions may be valuable to you. Consult a tax professional for advice as to how to make the most of available tax benefits.
Sales Tax Exemption for Vehicle Trade-Ins
Starting Dec. 15, 2013, up to $2,000 of the value of a motor vehicle or recreational vehicle traded-in to pay for a new or used motor or recreational vehicle may be exempt from sales tax. The agreed-upon value must be separately stated. Starting Jan. 1, 2015, the exemption limit is increased by an additional $500 per year.
Use Tax Exemption for Vehicle Trade-Ins
Also starting Dec. 15, 2013, up to $2,000 of the value of a motor vehicle or recreational vehicle traded-in to pay for a new or used motor or recreational vehicle may be exempt from use tax. Learn about other exemptions here>
Categories: Sales Tax, Tax, Use Tax
Share
Categories
- Property Tax
- Employment
- Income Tax
- Collections
- Use Tax
- Audits
- Compliance
- Tax Disputes
- Employment Tax & Withholding
- Sales Tax
- U.S. Supreme Court
- Did you Know?
- Tax-Exempt Organizations
- Corporate Income Tax
- Tax
- Estate Planning
- Personal Property Tax
- Nonprofit
- Crowdfunding
- Alternative Minimum Tax
- News & Events
- Labor Relations
- Employee Benefits