DiSabatino CPA Blog

Mike DiSabatino CPA

1 minute reading time (185 words)

New ABLE accounts are now available

New ABLE accounts are now available

New ABLE accounts are now available

The Tax Increase Prevention Act of 2014 that was signed last December mainly affected the year 2014 as it extended for that year only some 50 tax breaks

that had expired earlier. One provision, however, became effective in 2015. Starting this year, the law authorizes tax-favored ABLE accounts for disabled individuals. These "Achieving a Better Life Experience" accounts are exempt from income tax when the funds are used to pay for qualified expenses such as transportation, housing, education, and medical costs. Nonqualified distributions are subject to income tax, plus a 10% penalty. If you would like details about ABLE accounts, contact our office.

Please give us a call to discuss this or any of our other topics with you, so we can address your specific requirements.

DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com

This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here.  All rights reserved.

1
IRS service will decline by ACA and budget cuts
Oops. I Wish I Knew That

Related Posts

 

Speed Up Your Success!

Contact Us Today: 1-805-389-7300

© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.