What the latest tax extenders renewal means for your clients

What the latest tax extenders renewal means for your clients
Here's a break down of Congress' latest moves to adjust the tax code.
JAN 19, 2016
On Dec. 15, the House Ways and Means committee came to an agreement on key legislation to renew the so-called “tax extenders”, a series of tax provisions that have lapsed and been reinstated repeatedly over the past decade. The new legislation, the Protecting Americans from Tax Hikes (PATH) Act of 2015, will once again retroactively reinstate for 2015 the tax extenders that were renewed and then expired at the end of 2014.
Tax extenders renewed under the PATH Act of 2015
MADE PERMANENT Qualified charitable distributions from IRA to charity State & local sales tax deduction American opportunity tax credit Enhanced child tax credit Section 179 expensing
EXTENDED THROUGH 2016 Exclusion of discharged mortgage debt on short scale Deductibility of mortgage insurance premiums Above the line education deduction for qualified tuition & fees 50% bonus depreciation (through 2019)
OTHER NOTABLE PROVISIONS Expansion of Section 529 qualified expenses to include computer & related expenses Elimination of Section 529 plan aggregation rule Elimination of 529 ABLE account in-state residency requirement
Source: Michael Kitces, view his full story here

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