Here are details provided by the Oklahoma Society of Certified Public Accountants to help you understand how last-minute tax changes affect you:
Small businesses get permanent tax benefits. There’s also good news for small businesses. Companies can plan their spending better on certain equipment since expensing of computer software and qualified real property (under Section 179 of the Internal Revenue Code) has been permanently extended. The limit for what can be expensed (in the current year) is set at $500,000 and the phase-out at $2 million. The law also permanently extends a research and development tax credit and, beginning in 2016, allows eligible small businesses the chance to claim the credit against their alternative minimum tax liability and—in the case of certain small business employers—against their payroll tax bill.