Many important tax changes were enacted in the Protecting Americans from Tax Hikes (PATH) Act of 2015. These changes involve both retroactive provisions for 2015, and permanent extension of some tax-saving laws. Here is a summary of the major changes.
There is much uncertainty for individual and business taxpayers, since popular tax credits and deductions for both groups have not been extended beyond their December 31, 2014 expiration dates. However, there are some strategies that can be used to reduce your tax burden for this year.