The summer is not just the season for recreation and relaxation. It can also be the time to reduce your 2015 tax liability. Here are seven prime examples for individuals and small-business owners:
ABLE Act authorizes state programs
When the Tax Increase Prevention Act of 2014 (TIPA) was passed late last year, most of the attention was directed at the long list of extenders that were included in the new law, many of them retroactive to the beginning of 2014. But another piece of legislation attached to TIPA has “flown under the radar” thus far. Significantly, the Achieving a Better Life Experience (ABLE) Act authorizes the individual states to establish tax-free savings accounts for disabled individuals.