This week seemed a good time to pass along news you can use. One thing I enjoy is scouting out for important information!
What I uncovered this week is information that may have been missed. Highlights include health insurance, tax incentives/energy rebates, non-compete agreements, and 2022 tax filing delays for Californian’s impacted under federal disaster area declarations.
- The last day to sign up for health care in 2023 is today, January 15, 2023. After this date, you can only enroll in or change plans if you qualify for a Special Enrollment Period. For a quick guide to the Health Insurance Marketplace, visit: https://www.healthcare.gov/quick-guide/dates-and-deadlines/
- The Federal Trade Commission proposed a new rule that would ban employers from imposing non-competes on their workers, a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses. By stopping this practice, the agency estimates that the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.
The FTC is seeking public comment on the proposed rule, which is based on a preliminary finding that non-competes constitute an unfair method of competition and therefore violate Section 5 of the Federal Trade Commission Act. The comment period is open until March 10. 2023.
- On January 1, Americans became eligible to save thousands of dollars when they buy electric cars, induction stoves, and modern appliances under the Inflation Reduction Act passed last fall. A big part of the new law’s $369 billion for climate initiatives is rebates and tax credits aimed at helping consumers switch from fossil fuels to electricity.
There are two main buckets of incentives available — tax credits that can be redeemed when you file your taxes the following year, and rebates that lower the upfront cost of installation and machines. The White House website to receive updates and information is: https://www.whitehouse.gov/cleanenergy/
Tax credits will last through 2032 without any cap on their cost, barring a dramatic reversal by a future Congress. Some funding for rebates is set aside for low and middle-income people, those earning between 80 and 150 percent of an area’s median income, and does have a cap on spending, so the law may run out of money before the 10 years are up.
Some rebates might not kick in until later in 2023, because states have to set up their own programs and guidance for who qualifies. Middle-income people, earning between 80 and 150 percent of an area’s income, would see a portion of the costs covered. The rebates will be an upfront discount, offered at sale.
If you want to dig into these tax breaks further, Rewiring America has a useful guide, and the White House has a dedicated website to unpacking the IRA. The other page to bookmark is the IRS guidance, which will be updated throughout the year.
- The IRS announced that taxpayers in any county covered by a federal emergency declaration would have until May 15 to file their income tax returns for 2022. To date, 31 of the state’s 58 counties are in that group. If the declaration is extended to more counties, the IRS will grant them the extra time as well. This tax relief will be offered automatically to anyone whose address on file at the IRS is in a disaster area.
Keep in Touch
It makes my day when I hear from you! Send along your requests for information to Lynn@thelivingplanner.com.
My main website is: https://thelivingplanner.com, schedule a Complimentary Discovery Call to discuss your particulars or if prefer a DIY approach, check out my online courses/resources to assist people, pets and businesses here: https://courses.thelivingplanner.com
Signing off this week with a quote by Carol Burnett, “But I don’t begrudge anybody, because I know how hard it is to have that dream and to make it happen, whether or not it’s just to put a roof over your head and food on the table.”
All dreams are possible. To yours! Lynn
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