Two Important Small Biz Tax Breaks Set to End in December

J. Michael Custer, CPA | Business News Daily | November 14, 2011

Somewhere between carving the Thanksgiving turkey and popping the bottle of champagne on New Year’s Eve, small-business owners will squeeze in some time for tax preparation. Several tax breaks that are scheduled to shrink dramatically in 2012 should be on their list of items to review, according to tax planning experts.

Small-businesses owners can take advantage of two accelerated depreciation rules for 2011 and 2012 that provide significantly greater tax benefits. The rules were approved by Congress as an economic stimulus move intended to make it easier for small businesses to expand. However, they have to take action before Dec. 31, according to tax experts.

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J. Michael Custer, CPA, is a Tax Principal at Kaufman Rossin, one of the Top 100 CPA and advisory firms in the U.S.