As summer wanes and autumn arrives, businesses and their owners would like to plan now to save on their 2012 taxes as well as to get ready for the coming year. The problem: Many of the tax rules for 2012 and 2013 are not yet known. More than 50 tax rules expired at the end of 2011. The Bush-era tax cuts, as well as the payroll tax reduction for workers, are set to expire at the end of 2012.
The House passed the Job Protection and Recession Prevention Act of 2012 to extend the Bush-era tax cuts through 2013 (H.R. 8). The Senate Finance Committee also approved the Family and Business Tax Cut Certainty Act of 2012 to extend various tax rules for 2012 (and in many cases for 2013 as well) that had expired at the end of 2011 (no bill number has been assigned). Congress is currently on its summer recess and, no doubt, upon its return in September will be focused on the November election. Here is a roundup of some planning that businesses can do now, as well as alerts to potential opportunities in the pending legislation that may be enacted in the lame duck session after the election.
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