As 2015 quickly comes to a close, South Dakota businesses are once again facing uncertainty as Congress has yet to act on a number of important tax laws that expired at the end of 2014.
Although these temporary tax provisions have been routinely extended, the possibility that Congress could let them remain expired leaves taxpayers in limbo as to how to properly plan. However, there are still a number of actions that can be taken to save tax dollars in 2015.
1. Buy machinery and equipment before year end. Under the generally applicable “half-year convention,” businesses can secure a half-year’s worth of depreciation deductions in 2015.
