Stock Market Volatility Inflation Cools In October Tax Form 1099-K

In this episode of the Planned Solutions Incorporated Podcast, The stock market surged on November 10th in response to a better-than-expected inflation report. This has caused some to question how stock prices can be considered rational when prices sometimes swing by such large amounts in one day. The answer relates to the fact that investors are forward-looking, so they are constantly anticipating the future. However, the time frame investors use to price investments often changes over time. Also, The US inflation rate declined by more than expected in October. Consumer prices increased 0.4% for the month and 7.7% year-over-year. This was a 1.4% decrease from the peak of 9.1% in June 2022 led by a decline in energy prices. However, food prices have continued to increase, and the price of shelter has remained persistently high despite stagnation in home prices due to increased rents. And, In an effort to step-up tax enforcement, new tax laws have increased the reporting requirements for non-traditional sources of income such has “gig work” or “side hustles.” This includes a requirement that a Form 1099-K be issued for income earned of $600 or more in a year. Therefore, it will be even more important for taxpayers to track their income and expenses from non-traditional work in the coming years to make sure they are able to properly report their income without overpaying income taxes. Plus a look at the Planned Solutions Incorporated Office Bulletin Board- The Harlan D. Wood Memorial Cancer Charity Golf Tournament was once again a big success. The tournament was rescheduled due to extreme heat in September which caused some concern that Mother Nature may be against us this year and could bring rain on the alternate date in November. However, we dodged the rain earlier in the week and had a great day for golf. Chase’s team shot a very strong 53 (-19 to par) and returned three out of their four pink balls giving them a net score of -50 for the win. This means Chase’s long quest to get his name back on the winner’s plaque has ended. However, Shannon did get the bragging rights of winning the long-drive competition this year. More importantly, this year we raised over $12,000 for cancer charities bringing our cumulative total to $155,045. We would like to thank everyone who supported the event this year and in years past by attending the tournament, bidding on auction items, and contributing to cancer charities. We look forward to next year when hopefully we will be able to continue to grow the tournament and the donations raised for cancer charities. Chase Armer's book- Financial Planning Insights is now available at: www.amazon.com/Financial-Planning…1586894022&sr=8-1 To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail [email protected] The Personal Finance Review is published and distributed on a biweekly basis by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Planned Solutions, Inc.