Get Mi 5081 2015

The MI 5081 form is essential for reporting sales, use, and withholding taxes in Michigan. This guide provides clear, step-by-step instructions to help users navigate the form online effectively.

Follow the steps to complete the MI 5081 form online.

1. Click the ‘Get Form’ button to access the MI 5081 form and open it in your preferred online editing tool.
2. In the section labeled 'Taxpayer’s Business Name', enter the legal name of your business as it appears on official documents.
3. Next, provide your Business Account Number, which can be either your Federal Employer Identification Number (FEIN) or your Treasury Registration (TR) Number.
4. Move on to Part 1: Sales and Use Tax Section. Start with line 1 and input the total gross sales for the tax year being reported.
5. For line 2, report the rentals of tangible property and accommodations separately.
6. Next, enter the total for telecommunication services in line 3.
7. Sum lines 1, 2, and 3 and enter the result on line 4.
8. Proceed to list allowable deductions in the corresponding fields from d to i on lines 5a to 5l. Ensure each deduction made is substantiated.
9. Calculate your taxable balance by subtracting line 5m from line 4 and enter this amount on line 6.
10. Calculate the gross tax due by multiplying the taxable balance (line 6) by 6% (0.06) and enter the result on line 7.
11. If applicable, enter any tax collected in excess of line 7 on line 8.
12. Add lines 7 and 8 for line 9 and proceed to input any total discount allowed on line 10.
13. Calculate total tax due by subtracting line 10 from line 9 and enter on line 11.
14. Input any tax payments and credits for the current year on line 12.
15. Continue with Part 2 for use tax on items purchased for business and personal use, starting with line 13 for total taxable purchases.
16. Calculate use tax by multiplying line 13 by 6% and enter that value on line 14.
17. Total use tax payments for the year should be reported on line 15.
18. Switch to Part 3 for withholding tax, starting with line 16 for gross Michigan payroll received.
19. Complete line 17 with the total number of W-2 and 1099 forms.
20. Input total Michigan income tax withheld on line 18 and any payments made during the current year on line 19.
21. In Part 4, summarize the total taxes due on line 20 and total payments made on line 21.
22. If applicable, detail any refund amounts on line 24 and final balance due on line 25.
23. After completing the required information, you can save your changes, download, print, or share the MI 5081 form as needed.

Complete your MI 5081 form online today to ensure timely and accurate filing.