2015 PATH Act for Individuals

The recently enacted Protecting Americans from Tax Hikes Act of 2015 (2015 PATH Act) revived and extended several tax stimulus provisions that previously were set to sunset in 2014. Some of these provisions are now permanent and others are extended two or five years, which is positive news for many of us!

The permanent and extended provisions for individuals include:

• tax credits for low to middle wage earners that were originally enacted as part of the 2009 stimulus package and were slated to expire at the end of 2017; 
• the $250 above-the-line deduction for teachers and other school professionals for expenses paid or incurred for books, certain supplies, equipment, and supplementary material used by the educator in the classroom; 
• parity for the exclusions for employer-provided mass transit and parking benefits; 
• the option to take an itemized deduction for State and local general sales taxes instead of the itemized deduction permitted for State and local income taxes; 
• and several more.

For the entire list of extenders, and more in-depth details about the ones listed above, please view the full article here. 

Burkett Burkett & Burkett, Certified Public Accountants, P.A. can guide you through these complex changes. If you want to know more about how these laws affect you, contact us today.