January 11, 2016Share:
On December 18, the Senate passed — and the President signed into law — the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which the House had passed on December 17. The act extends certain tax relief provisions that expired at the end of 2014. In many cases, it makes the breaks permanent.
These provisions can produce significant savings for taxpayers, but you may need to act soon (by December 31, 2015) to take advantage of them on your 2015 tax return. Here’s a brief summary of the extended breaks that may be most likely to benefit you or your business.
Individual tax breaks
Business tax breaks
Keep in mind that many breaks with more limited applicability have also been extended; it’s possible some of them could also benefit you. Finally, many breaks are subject to a variety of rules and limitations. So please contact us to determine exactly how you can make the most of this tax relief. We’d be pleased to help.