Peaceful Divorce

Important Notes on the Protecting Americans from Tax Hikes Act of 2015

On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 was enacted. It extended permanently more than 20 key tax provisions. As well, some of the tax provisions that expired at the end of 2014 were extended for five years. Here are just a few of the extensions

  • Charitable contributions can be made of IRA proceeds (up to $100,000 per year) for taxpayers aged 70.5 and older. It will allow IRA distributions including required minimum distributions to be made directly to a charity. This is good news for people living in states that do not allow charitable contribution deductions and those who do not itemize deductions at the federal level. 
  • Individuals will be permitted to deduct state and local sales tax as an itemized deduction, in lieu of deducting state and local income tax. This is beneficial for people living in states with no income tax. 
  • Starting in 2015, an annual section 179 depreciation expense is going to be available for businesses of up to $500,000 with the phase-out beginning at $2,000,000 of qualifying purchases. 
  • Off-the-shelf software is going to be eligible for section 179. 
  • Employers and payers of non-employee compensation are now going to be required to file W2s and 1099s annually by January 31, effective for filings beginning in 2014. Copies of W2s and 1099s are going to be required to be filed with the government at the same time they are due to employees. This is in an effort to stop identity theft and related tax fraud.
  • Qualified distributions from 529 plans can now include computer software and internet access, beginning retroactively to January 1, 2015. Also, re-deposits into 529 plans for refunded tuitions will now be allowed. This is good news, not just for students, but also for parents, as typically they are the ones with the 529 plans in place for the students. 

There are many more permanent changes — these are just a few of the highlights. Contact us today for more information on which changes may affect you!

Robert D. Bordett CFP, CDFA
Collaborative Practice and Mediation Services
888 U2AGREE (888.822.4733)

Views: 36


You need to be a member of Peaceful Divorce to add comments!

Join Peaceful Divorce

Become an affiliate of the Happily Divorced! book and audio program! Let Reformed "Killer" Divorce Attorney, Cynthia Tiano, and Dr. Max Vogt, Marriage and Family Psychologist, take you on an adventure into the lives of two families going through the divorce legal system - one doing "legal battle" and the other creating a "peaceful divorce". Learn how to create a Win-Win from their experiences...


Latest Activity

Robert D. Bordett, CFP, CDFA posted a blog post

What Is a Caucus?

One of the guiding values in mediation and collaborative law is transparency. It comes with the territory when one is trying to establish trust with two different parties. Sometimes an issue may arise that one party may wish not to discuss in front of the other. If they both agree, separate meetings may take place. These meetings are called caucuses.Caucuses can be…See More
Oct 22, 2019
Robert D. Bordett, CFP, CDFA posted a blog post

How Important Is the Budget in Divorce Planning?

I think everyone’s least favorite word is BUDGET. Why don’t we want to hear that word? Think about it: We’re asking ourselves to do something we don’t want to do — or worse yet, someone else is asking us to do it. While we might not like them, having a budget does help. In divorce planning — whether you are going to litigation,…See More
Sep 18, 2019
Robert D. Bordett, CFP, CDFA posted a blog post

21st Century Parenting Plans

I remember when the default custody arrangement had one parent as the custodial parent, and the other parent was known as the “Disneyland parent.” They had their children every other weekend, and maybe once during the week for dinner. Today it is more common to see joint parenting time consist of one week on, and one week off or “two-two-five-five” time,…See More
Aug 15, 2019
Robert D. Bordett, CFP, CDFA posted a blog post

Including a Financial Professional in Your Mediation

Very often, couples who are divorcing amicably, or who have straightforward financial situations, will forgo meeting with a financial professional while they go through mediation. Though this may seem logical on its face, “going it alone” may result in unnecessary hardship and inaccurate calculations.  It is easy to simply look at a tax table today and say “I am going…See More
Jul 30, 2019
Robert D. Bordett, CFP, CDFA posted a blog post

What About the House?

Going through divorce means dealing with hundreds of details, some more important than others. One detail that merits extra contemplation is how to deal with the marital home.Does one spouse want to keep it because the children still live there? You don't want to disrupt their lives any more than is already happening. What if the children are grown? Do you still need that much of a house?Here are the three most common means of dealing with the house in divorce:Selling the house and dividing the…See More
Apr 24, 2019




© 2020   Created by Cynthia Tiano, Esq..   Powered by

Badges  |  Report an Issue  |  Terms of Service