Happy New Year!
As we welcome in 2012 and wave good-bye to 2011 (so goes many of the tax provisions that a lot of taxpayers have enjoyed for quite some time). Let’s take a moment to recap the end of the year.
Congress was able to extend the payroll tax cut but, a little over 50 tax provisions expired when the clock struck 12. For a list of the more important provisions that expired and to take a look into the future:
A Look into the Future
With the start of 2012, there are a few new tax provisions taxpayers will want to pay close attention to. The major new provisions include inflation adjustments, capital gains and loss reporting, credits for hiring veterans, and bonus depreciation.
So what’s in store for 2012? Since this is an election year, there is sure to be a great deal of talk about tax reform and deficit control as many taxpayers already have been hearing. The end of the Bush tax rates (2013) is also sure to be a hot topic for 2012 campaigns.
The bottom line is to have a plan and that way a taxpayer can ensure they don’t make any mistakes most taxpayers make every year.