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Don’t give up on tax extenders

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in Small Business Tax,Small Business Tax Deduction Strategies

Expect Congress to return after Election Day for a lame-duck session that could revive certain favorable tax provisions that officially expired at the beginning of the year. That includes a handful of tax breaks that have been reinstated several times in the past such as credits for research and development costs and enhanced deductions for corporate donations of computers to schools and libraries. The “smart betting” is that the nation’s lawmakers will also restore the state-by-state sales tax deductions repealed on Jan. 1. We’ll keep an eye on the proceedings.

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