Midyear tax planning – Putting extended, expanded breaks to work for your construction company

Description

Abstract: As expected, a new administration and Congress and a bad economy have led to significant tax law changes in 2009. Some extended and expanded breaks could help contractors reduce their tax bills this year; others may provide a much-needed infusion of cash. To maximize your benefit from many of the breaks, you must act soon to start putting them to work for your construction company. This article discusses depreciation-related breaks, the net operating loss deduction, and the Work Opportunity credit. A sidebar discusses infrastructure projects that are in the pipeline due to the recently passed American Recovery and Reinvestment Act.