Dorion-Gray: 2012 year-end tax strategies for business owners

Tax reform was one of the most contentious topics in this year's election, with both personal and corporate income tax rates under scrutiny. While leaders in both parties agreed that corporate rates should be reduced from the current high of 35 percent, they differed on how to do so without further widening the budget deficit. Should foreign income continue to be taxed, and if so, how? Should deductible expenses be reduced or eliminated, and if so, which ones?