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Office Closed for Thanksgiving: Be aware that the Delap office will be closed from Saturday, November 18, to Sunday, November 26, 2023. Our team works hard to deliver exceptional service to our clients, and we are rewarding our team with an extended Thanksgiving holiday. We will be happy to address needs that arise upon our return.
Lower, taxpayer-friendly income tax and capital gains rates, along with more than 50 other tax provisions enacted in 2001 and 2003, generally referred to as the “Bush-Era Tax Cuts,” expired at midnight on January 1, 2013. However, a late maneuvering has created a retroactive bill that extends many provisions.
So what does this mean to you? Some quick highlights:
The act extends many business tax credits and provisions. The research and development activities credit extension is notable. Additionally, increased expensing under section 179 was extended through the end of 2013. Bonus depreciation allowing for 50% year one depreciation was also extended through 2013.
Other business provisions, including energy tax credits and provisions, have been extended. For a more complete list please contact your Delap professional.