Under a 2007 law, Michigan’s income and withholding tax rates were scheduled to decrease from 4.35% to 4.25% on October 1, 2011. However, under legislation enacted into law on May 25, 2011, this decrease has been postponed until January 1, 2013. In addition, the 2011 law revokes the additional tax rate decreases that were scheduled from October 1, 2012 through October 1, 2015.
Mike DeVries is a CERTIFIED FINANCIAL PLANNER ™ and a Certified Healthcare Business Consultant focusing on helping healthcare professionals. If you would like to learn more about becoming a client of Mike’s, contact him at www.vmde.com