Breaks for Workers, Parents in Tax Cut

Some excerpts from the article:

The $330 billion tax cut will provide bigger paychecks for some workers, breaks for married couples and parents and investment opportunities for businesses. It also may make filing tax returns next year more complicated...

Two provisions will give small businesses an opportunity to recoup equipment purchases and other investments this year, encouraging businesses to expand and entrepreneurs to start new ventures.

The items allow small businesses to write off $100,000 in investments this year. All businesses could depreciate half their assets this year, recouping their money faster. For example, Luscombe said, a small business that spends $150,000 on new equipment this year can write off $100,000 immediately and recoup half of the remaining expense through depreciation this year. As a result, a business can immediately write off as an expense at least $125,000 of its equipment purchases. read the full article...