The new Michigan Business Tax ("MBT") is really good. At getting bad press, that is. And unfairly penalizing various industries.
Specifically, under the MBT, payments to contract haulers are not deductible. You can deduct costs paid for the hauling you do yourself, but not to contact haulers. Why? Who knows. Maybe the trucking lobbyists didn't get their two cents in. But this is just another part of the fine print that is really hurting businesses throughout Michigan.
To the best of my knowledge, most Michigan ready mix producers do their own hauling. But if you are using any brokers or guys that own their own mixers, it is going to cost you. And if you are thinking about starting to use brokers, think twice until this gets cleaned up.
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4 comments:
Holy Cow!
I'm a retired accountant and was wandering around looking at accounting blogs to recommend from my own blog (http://kirk-ward.com) and when I saw this piece I was dumbfounded, to say the least.
I guess my two concrete pouring step-brothers in North Carolina hope those tax crazy folks in Raleigh don't get wind of this.
Cheers,
Kirk
Joel,
It's my first time to your blog and I plan on subscribing. I think the complex situation in Michigan is resonating everywhere else.
Stop by and say hi.
best,
Chris O.
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