A new year brings a new round of tax law changes in 2012. Many important tax law changes are taking effect in 2012 as the result of tax legislation, regulations, and rulings. While this is not a complete list, we will focus on five of these revisions. Some of these business changes include new instruction on deduction vs. capitalization of tangible property costs, estimated taxes for large corporations, extended write-off period for certain property, reduced bonus depreciation allowance for qualified property, and reduced expensing.
Please read on to see how your business will be impacted.