New rules relax ABLE account requirements
Are you planning to set up an “Achieve a Better Life Experience” (ABLE) account? A recent IRS notice and changes enacted in a tax law passed in December 2015 can help ease the administrative requirements. ABLE accounts are tax-advantaged accounts designed to help you build savings to care for yourself or a loved one with disabilities while maintaining eligibility for benefit programs such as Medicaid. Generally, you’ll qualify for an ABLE account if your disability occurred before age 26.
Call us for details about the latest changes.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.