Below are some examples of the most common provisions that will be expiring December 31, 2012.
Individuals
- 10% tax rate for individuals; reduction of other rates
- Reduced capital gain rates
- Child tax credit increase to $1,000
- American opportunity education credit
- Cancellation of debt income exclusion for principal residence
Business
- 50% additional first-year depreciation
- Section 179 increase in expensing limits to $125,000/$500,000
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