Financial News
5 potential benefits of setting up a trust
Trust & estate planning
Here are five benefits of adding a trust to your estate planning portfolio.
Form 1099-K delayed a year.
The IRS announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form 1099-K, Payment Card and Third-Party Network Transactions, to the IRS or the payee for the lower, $600 threshold amount.
EV Tax Credit Expansion
First and foremost, for EVs placed into service after December 31, 2022, the Inflation Reduction Act extends the up to $7,500 EV tax credit for 10 years—until December 2032
Standard Mileage Rate increase
The standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022.