SKR+Co Alert: Year end tax planning, tax seminar, and more!
Expiring tax breaks for businesses may merit action now
Although tax legislation signed into law this past January made a wide variety of tax breaks permanent, it extended several valuable breaks for businesses only through Dec. 31, 2013. It’s possible that some, or even all, of them could be extended again. But with the battle in Washington over tax reform, it’s difficult to predict what will happen with expiring breaks.
So taxpayers may want to take steps now to lock in any breaks that can benefit their businesses while these breaks are still available. But they shouldn’t ignore traditional year-end strategies for their businesses — or themselves.
This article provides an overview of depreciation-related tax breaks and various business credits set to expire this year, as well as tried-and-true strategies for businesses and some key planning concerns for individuals.
Read the Full Article Here.