NEWLY-PERMANENT TAX PROVISIONS

path-act For the past several years, taxpayers have had to wait until the last minute to know if certain tax provisions were going to be extended.  On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) was enacted. This new law made permanent a number of provisions that had previously been on a year-to-year basis.  Included in the tax breaks that are now permanently in the law are:

  • American Opportunity Credit for certain education expenses ($2,500 per year for four years)
  • Educator’s deduction of $250 per year
  • The deduction of state and local income taxes
  • Tax-free distributions to charities from IRA accounts (limited to those age 70½ or older)

Taxpayers who stand to benefit from these and other provisions of the new law will now be able to plan ahead. Jerry Dreier Manager – Packer Thomas Feel free to contact Jerry with your questions:  jdreier@packerthomas.com (800) 943-4278 (330) 533-9777

One thought on “NEWLY-PERMANENT TAX PROVISIONS

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