Whois & Analysis for misaves.com

The Michigan Education Savings Program (MESP) is a 529 savings plan that is administered by the Michigan Department of Treasury.

Michigan residents who contribute to this plan can deduct up to $5,000 (up to $10,000 for joint filers) from their state income tax each year.

MI State Matching Grants based on MESP contributions are not currently available.

If state appropriations become available in the future, the State Matching Grant program will be reinstated.

A 529 plan is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary.

Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses, particularly those incurred to produce additional income.

The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.

Though the actual definitions vary between jurisdictions, in general, a direct tax is a tax imposed upon a person or property as distinct from a tax imposed upon a transaction, which is described as an indirect tax.

The term may be used in economic and political analyses, but does not itself have any legal implications.

However, in the United States, the term has special constitutional significance because of a provision in the U.S. Constitution that direct taxes imposed by the national government be apportioned among the states on the basis of population.

In the European Union direct taxation remains the sole responsibility of member states.

To invest is to allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future.