At the end of every year, it seems, taxpayers wait anxiously for Congress to enact extensions of popular business tax breaks, and every year Congress waits to act until what seems like the last possible moment. Given the current Congress’ extreme dysfunctionality it’s even more worrisome that Congress will do the right thing.
Among these items are deductions for qualified higher education expenses exclusion of mortgage debt forgiveness, first year bonus depreciation, 15 year write off for qualified leasehold and a $500,000 annual expensing limitations.
In this environment it has become very difficult to tax plan accordingly. This is one of the primary functions for CPAs. Without proper tax planning businesses are unable to properly forecast any future tax liabilities. This inhibits them from developing in the most efficient manner.
We understand that politics is politics, but this brinksmanship must come to an end as it inhibits our economy from operating at peak efficiency.
If you agree with the above kindly forward this to your local Congressman and U.S Senator.