Get the free form 4988

Reset Form Michigan Department of Treasury 4988 05-12 Poverty Exemption Affidavit This form is issued under authority of Public Act 206 of 1893 MCL 211.

How to fill out form 4988

How to fill out form 4988:

1. Start by obtaining a copy of form 4988 from the appropriate organization or website.
2. Read the instructions carefully to understand the purpose and requirements of the form.
3. Begin filling out the form by providing your personal information, such as your name, address, and contact details.
4. Proceed to fill in the required information specific to the purpose of form 4988. This may include details regarding your income, taxes, or any other relevant information.
5. Double-check all the information you have entered to ensure accuracy and completeness.
6. If there are any supporting documents or attachments required, make sure to include them as instructed.
7. Once you have completed filling out the form, review it one more time to ensure everything is accurate and meets the necessary requirements.
8. Sign and date the form in the designated spaces.
9. Submit the form as directed, following any additional instructions provided.

Who needs form 4988:

1. Form 4988 may be required by individuals or businesses for specific purposes, such as tax reporting or application for certain benefits.
2. It is important to check the instructions or consult relevant authorities to confirm whether you need to fill out form 4988.
3. Common scenarios where form 4988 may be required include reporting income, claiming tax credits or deductions, or applying for government programs.
4. If you are unsure whether you need to fill out form 4988, it is advisable to seek guidance from a tax professional or the appropriate organization that requires the form.

People Also Ask about

Do senior citizens pay property tax in Michigan?

Tax Deferments The city, village, or township summer tax deferment is a beneficial tax break for certain people over the age of 62. This provides those with a household income of not more than $25,000 for the preceding year the benefit of deferring summer property taxes until February 15 of the following year.

What is the senior property tax exemption in Michigan?

Seniors are entitled to a homestead property tax credit equal to up to 100% of the amount their property taxes exceed 3.5% of their income, up to $1,200.

Who qualifies for homestead exemption in Michigan?

You were a resident of Michigan for at least six months during the year. You own or are contracted to pay rent and occupy a Michigan homestead on which property taxes were levied. If you own your home, your taxable value is $143,000 or less. Your total household resources are $63,000 or less.

Who is exempt from paying property taxes in Michigan?

Property Tax Exemption An eligible person must own and occupy his/her home as a principal residence (homestead) and meet poverty income standards. The local Board of Review may interview the applicant in order to determine eligibility, ing to the local guidelines, and will review all applications.

What are Michigan tax exemptions?

For the 2022 income tax returns, the individual income tax rate for Michigan taxpayers is 4.25 percent, and the personal exemption is $5,000 for each taxpayer and dependent.

What is the Michigan Homestead property tax credit 2023?

The Homestead Property Tax Credit helps qualified Michigan homeowners and renters pay for a portion of their property taxes. For the 2023 tax season, this credit is worth up to $1,600. For homeowners, your taxable value must be $143,000 or less.

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