is now 
The country’s uncertain political climate makes long-term tax planning difficult especially regarding income tax laws. For now, there are a few tax provisions that can be used on 2011 taxes, but they are expiring and you may not be able to deduct them in 2012.
The 2011 tax year is the last chance to use deductions for:
- Private Mortgage Insurance
- General State and Local Sales Tax
- Expanded §179 Expense Election and Bonus Depreciation
- Certain Energy Efficiency Deductions
For businesses, the Payroll Tax Cut was also set to expire, but now Congress has passed an extension which the President is expected to sign. Find out more about the Payroll Tax Cut debate by watching our segment on McRuer Money Minutes at: http://www.kccpa.com/video/what-is-the-payroll-tax-cut-debate-about.html
If you have any questions about this tax season's deductions or any other request regarding personal and business tax planning and preparation, please give us a call at: 816-741-7882.
