In December of last year, Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Essentially this act extended the Bush era tax cuts through the end of 2012.
A significant number of taxes and rates were affected by this extension, the most important being the extension of the capital gains rate at 15 percent. This means that you have until December 31, 2012, to sell your business and pay all or at least part of it in cap gains tax at 15 percent. [Read more…]