What Do Last-Minute Tax Changes Mean for You?

What Do Last-Minute Tax Changes Mean for You?

On Dec. 18, 2015, the President signed a bill that included several tax provisions affecting individuals, families, and business owners.  Some provisions have been extended permanently—meaning that you can confidently include them into your long-term tax planning—while in other cases the deadlines have simply been pushed back.   Among the items affected are the child tax credit, education tax benefits, and the IRA charitable rollover for those 70½ or older. Businesses will be interested in the extension of the Section 179 expensing limit and the Section 41 research and development credit, among others.

These are just a few of the tax benefits covered in the late-year legislation. As always, we can help you make sense of new tax developments. Please contact our office with any questions on the extenders and for advice on the impact they may have on your tax situation.