Preparing for Tax Day
March 23, 2012
The Internal Revenue Service's 2012 tax filing deadline is Tuesday, April 17. Tax Day is typically April 15, but it's a little later this year because the 15th falls on a Sunday and Washington, D.C., observes Emancipation Day the following Monday to acknowledge the anniversary of President Abraham Lincoln freeing the district's slaves.
Business owners can use the extra two days to make sure they're taking advantage of 2011 tax breaks, such as bonus depreciation
placed in service by a company between September 8, 2010, and December 31 of last year are eligible for a 100 percent first-year depreciation deduction, up to $500,000. A modified version of the allowance still exists this year, except the deduction was replaced by a 50 percent equivalent.
Earlier this month, Ohio Republican Representative Pat Tiberi introduced legislation that would extend the 100 percent provision through 2012 after the failure of a similar allowance proposed while Congress was hashing out the payroll tax extension.
"Allowing job creators to use these tools for capital reinvestment is a common-sense way to encourage job creation," said Tiberi, chair of the House Ways and Means subcommittee that oversees taxes, in a statement quoted by The Hill.