• 12.13.2011
  Tax Provisions Expiring in 2011
• 10.21.2011
  2012 Social Security Wage Base
• 07.18.2011
  FUTA surtax is no longer in effect

News & Blog

See below for a list of Business and Individual tax changes that expire as of December 31, 2011:

Business Tax Changes

• - The research and development and work opportunity tax credits expire
• - The enhanced charitable deductions for contributions of food, books, and computer technology expire
• - The special S corporation built-in gains tax suspension period expire
• - The 15-year recovery period for leasehold improvements, restaurant property, and retail improvements expire
• - The 100% bonus depreciation deduction will be scaled back to 50% in 2012
• - The Section 179 deduction limit will fall from $500,000 this year to $139,000 in 2012

 

Individual Tax Changes

• - Deduction for elementary and secondary school teacher expenses expires
• - Deduction for state and local sales taxes expires
• - Deduction for mortgage insurance premiums expires
• - Deduction for qualified tuition expenses expires
• - Congress may extend the Social Security payroll tax break
• - Tax-free distributions from IRA’s for charitable purposes expires