Several tax changes will go into effect on Jan. 1, 2012 -- some good, some not so good. Here are the most important changes you should know about:
Tax breaks that have been reduced for 2012
Several tax breaks will be reduced, but not eliminated, for 2012.
1. Bonus depreciation: During 2011 taxpayers can deduct in one year 100 percent of the cost of most types of personal property they buy for their businesses and place in service during the year. This amount is scheduled to lower to 50 percent for most types of property placed in service during 2012. However, it is possible that 100 percent bonus depreciation will be extended through 2012.