According to a recent CNN-Gallup poll, the three most commonly asked questions on the morning of New Year’s Day are:
1. Why does Ryan Seacrest get paid considerably more than I do?
2. Where are my pants?
3. What federal tax provisions expired when the clock struck midnight on the 31st?
We can’t help you with the first two, but we’ve got you covered on #3:
The majority of these provisions are remarkably useless, but some worthy of note include:
- the deduction for state and local sales taxes in lieu of income taxes on Form 1040
- 100% bonus depreciation
- the increased Section 179 deduction
- the increased AMT exemption
- the opportunity to acquire C corporation stock eligible for the 100% Section 1202 exclusion
- The abbreviated recognition period for certain S corporation’s built-in gains