Tuesday, December 6, 2011

Expiring Tax Provisions for Businesses

In addition to the individual tax provisions that are expiring, there are a number of business tax provisions that are scheduled to end in 2011, including 100% bonus depreciation for qualified property; 15-year writeoff for certain realty assets such as leasehold, restaurant and retail improvements; increased expensing elections; a number of credits such as the work opportunity tax credit (this was extended for qualified veterans), research credit, renewable and alternative fuels credits, new markets credit, energy efficient homes credit, and the energy efficient appliance credit; and enhanced charitable deductions in a number of areas. Again, if any of these apply to your business, act now to take advantage of these provisions before the end of the year.