Get Mi 5081 2017

Completing the MI 5081 form online is a straightforward process that allows you to report your sales, use, and withholding taxes accurately and efficiently. This guide will walk you through each section of the form, providing detailed instructions to ensure a smooth filing experience.

Follow the steps to successfully fill out the MI 5081 online.

1. Click ‘Get Form’ button to access the MI 5081 online form in your browser. This will allow you to fill out the necessary fields directly.
2. Enter the taxpayer’s business name in the designated field at the top of the form. Make sure the name is entered exactly as it appears on your business registration documents.
3. Provide the business account number, which can be either your Federal Employer Identification Number (FEIN) or your Treasury Registration (TR) number. Ensure that this number is accurate to avoid processing delays.
4. In Part 1, Sales and Use Tax section, fill out the total gross sales for the tax year being reported. This includes all sales made, irrespective of the payment method used.
5. Complete the lines for rentals of tangible property and telecommunication services, as applicable, ensuring all amounts are accurate.
6. Add the amounts from lines 1, 2, and 3 and enter the total in line 4. This will be your total taxable sales.
7. Begin filling out the allowable deductions on lines 5a to 5l. Include any specific exemptions which you are eligible for. Ensure you maintain documentation for each exemption claimed.
8. Once all deductions are calculated, complete line 5m for the total allowable deductions and subtract this from line 4 in line 6 to calculate the taxable balance.
9. Calculate your gross tax due by multiplying the taxable balance from line 6 by 6% and enter this amount on line 7.
10. If applicable, enter any additional tax collected on line 8 and complete line 9 for the total tax due before any discounts.
11. If you're eligible for a discount, fill line 10 accordingly, then compute your total tax due on line 11 by subtracting any discounts from line 9.
12. Continue through parts 2 and 3 of the form, entering all necessary information related to use tax and withholding tax as per the instructions provided for each line.
13. In the summary section, calculate totals for taxes due and paid, filling out lines 20 to 28 as necessary, making sure to indicate any refund or balance due accurately.
14. Lastly, complete the signature section at the end of the form, ensuring that all required fields are filled out accurately, including preparer information if applicable.

Complete your MI 5081 online today to ensure timely and accurate tax reporting.