In the wake of the IRS postponing tax day into May of 2021, Michigan is giving citizens an extension on filing their state income tax.

“I’m happy to announce that we are giving Michiganders extra time on their taxes this year,” said Governor Whitmer as she announced the new date Michigan income taxes are due.

This has been a difficult year for everyone, and by moving the income tax payment date, I hope families have the buffer they need to get their finances in order. I am grateful for the money going out to Michiganders under the American Rescue Plan and proud of the state-level pandemic relief we’ve delivered to families and small businesses. Together, we’ll build our economy back better.

-Governor Gretchen Whitmer

The May 17 date synchs with the federal income tax extension that was declared last week, and the matching dates should make it easier to remember.

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There are two big questions:

Do I have to pay taxes on my stimulus check?

No. The government calls the stimulus checks "economic impact payments," and the IRS says you do not have to pay any of it back. "The payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs."

Do I have to pay taxes on extra unemployment assistance?

The story is changing here. The initial answer is, "yes, this is taxable income," but Forbes reports that the latest stimulus package signed on March 11 includes a tax break on up to $10,200 of unemployment benefits earned in 2020.

More time and more money? This sounds like a win-win.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

 

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