Sugarloaf: 570.788.7000
Moosic: 570.941.2248

Sugarloaf: 570.788.7000
Moosic: 570.941.2248

Patient Protection & Affordable Care Act

The Patient Protection & Affordable Care Act, commonly called the Affordable Care Act (ACA) or "Obamacare" is the most significant regulatory overhaul to the U.S. health care system since the passage of Medicare and Medicaid in 1965.  The ACA includes numerous provisions, benefits, and responsibilities that affect both individual taxpayers and businesses.

Read on to discover how the ACA may affect you and your family.

Read on to discover how the ACA may affect your business.

Tax Increase Prevention Act of 2014

On December 19, 2014, President Obama signed into law the "Tax Increase Prevention Act of 2014." The bill extends expired or expiring individual, business, and energy provisions typically referred to as "extenders" due to the fact that these "temporary" tax breaks need to be renewed every year or so. The new legislation generally extends the tax breaks, most of which expired at the end of 2013, for one year, through 2014.

The following are some highlights of the key tax breaks that were extended by the new law.

Individual extenders: 

  • $250 above-the-line deduction for teachers' classroom expenses;
  • Deduction for mortgage insurance premiums deductible as qualified residence interest;
  • Option to take an itemized deduction for state and local general sales taxes in lieu of state and local income taxes;
  • Above-the-line deduction for qualified tuition and related expenses; and
  • Tax-free distributions to charity from an IRA of up to $100,000 per taxpayer per tax year, by taxpayers age 70 1/2 or older.

Business extenders:

  • Research credit;
  • Work opportunity tax credit;
  • 50% bonus depreciation;
  • 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements;
  • Increased Section 179 expensing (up to $500,000 write-off of capital expenditures subject to a gradual reduction once capital expenditures exceed $2,000,000); and
  • Credit for construction of energy-efficient new homes.

Read on to discover several other tax breaks that have been extended.

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