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New tax season starts today! (January 19)

posted January 19, 2016

With tax season starting let’s look at important tax changes in 3 major areas.

1. Affordable Care Act for both individuals and businesses.

  • Increased penalties for those who have not gotten the required health coverage.
  • The so-called “Cadillac tax” on high-cost health insurance plans was delayed from 2018 to 2020 (and it suspends the medical device tax for two years).

2. Same-sex marriage tax filing

  • Simplifying same-sex couples’ tax filing (The Supreme Court’s landmark ruling last year in the Obergefell v. Hodges case should simplify this process, in the upcoming months)

3. Traditional tax breaks

  • Tax extenders legislation made some these tax breaks permanent: the enhanced Child Tax Credit, the enhanced American Opportunity Tax Credit, the enhanced Earned Income Tax Credit, the above-the-line deduction for teachers who buy school supplies, the charitable deduction of contributions of real property for conservation purposes, along with the Research & Development Tax Credit and Section 179 expensing.

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