JUST A NOTE

This is our inaugural issue of what I hope is a monthlynewsletter to enlighten you on current issues that mayeffect your situation. I have a big announcement comingas soon as I get set up to do mass emails. At the sametime, as either a subscriber or current client, you'llreceive a copy of this via snail mail. As usual, the peoplein our Congress and the White House focused onauditors and collection personnel instead of clearing themassive backlog that still exists after two years. What Iintend for this newsletter is that we all stay at least onestep ahead of the IRS. Until then, if you need to talkabout an idea you have or decision you're making, youhave my number.As they say, "See you in September".Rick

People who switched jobs saw their wages jump by a record 6.7% on average in the 12 months through July, nearly two percentage points higher than those who stayed in their roles, according to calculations by the Federal Reserve Bank of Atlanta. It’s the biggest gap in records dating back to late 1997. Job stayers saw their wages increase 4.9% over the same time period, matching a series high last seenin 2001. 

-- Bloomberg

Educators can now deduct up to $300 of out-of-pocket classroom expenses, the IRS has  announced, the first increase in 20 years. The special educator expense deduction increase is the first since it was enacted in 2002 with a $250 annual limit, and the IRS said it will continue to rise in $50 increments to adjust for inflation. Educators can also deduct the costs they incur for professional development courses related to theircurriculum. Any kindergarten through grade 12 teacher, instructor, principal or aide at a public or private school is eligible.

 -- The Hill

President Joe Biden has signed into law a landmark tax, health and energy bill that aims to modernize the American economy and reduce its dependence on fossil fuels. The Inflation Reduction Act will lower prescription drug costs for seniors on Medicare, extend federal subsidies for health insurance and reduce the federal deficit. It will also help electric utilities switch to lower-emissionsources of energy and encourage Americans tobuy electric vehicles through tax credits.Significantly, it imposes a 15% corporate minimum tax that the Joint Committee on Taxation predicts will raise $222bn. However, its effect on inflation will be limited in the short-term. The Congressional Budget Office said the bill will have "a negligible effect" on inflation in 2022, and in 2023 its impact would range  between reducing inflation by 0.1% and  increasing it by 0.1%.

-- Fox News

Thank you for reading!

life death & taxes

august

JUST A NOTE

Wage gains for job

switchers are at a

record high

IRS increases Teacher

Expenses deduction

Biden signs climate

and health care bill

into law

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