Attached to the extender bill is the Achieving a Better Life Experience (ABLE) Act that allows people who were disabled before the age of 26 (and including family and friends) to contribute up to a combined total of $14,000 a year to an ABLE account. Accumulated earnings are tax free. Also, money held in the account would not disqualify the disabled person from receiving federal assistance benefits such as Medicaid and Supplemental Security Income--provided it is not used to pay for housing, transportation, education and wellness.

To learn more about ABLE or any of the tax extenders or are wondering whether you should be taking advantage of these and other tax credits and deductions that expired at the end of 2014, please give us a call today.