Last year, the Protecting Americans from Tax Hikes (PATH ) Act made permanent a number of expiring tax extenders. Although that legislation thankfully made planning for 2016 a little more certain, there are still a handful of tax provisions that are due to expire at the end of this year.
PATH addressed many critical extenders, such as Section 179 expensing and the research tax credit. With those necessary provisions handled, the stakes this year are much lower. It’s unlikely that the House and Senate will take any action before they adjourn for several weeks leading up to the November elections. Some that may impact your taxes are:
- Mortgage and insurance premiums
- Medical expense deductions
- Tuition and fees deductions
- Discharge of indebtedness on principal residence
For your convenience we have added the comprehensive list below. If you need help understanding the changes we can help. Contact us at GMG CPA.