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The Hobbs, Here Are Your Articles for Wednesday, June 15, 2022
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SC taxpayers to get one-time cash bump after lawmakers hash out budget deal with tax cuts

Taxpayers in South Carolina will get some extra holiday season spending money under a budget compromise state lawmakers agreed to Friday, which provides a $1 billion rebate to state residents. 

New law exempts military retirement pay from South Carolina income tax

Gov. Henry McMaster signed a bill into law Friday that makes military retirement pay 100% exempt from state income tax.

Estate Tax Exemption Amount Goes Up for 2022

As the estate tax exemption amount increases, fewer estates are subject to the federal tax.

Standard mileage rate to increase for last half of 2022

The IRS announced on Thursday that the optional standard mileage rate is increasing by 4 cents per mile for the last six months of 2022. Effective July 1, the standard mileage rate for business travel will be 62.5 cents per mile.

Tax-avoidance schemes round out ‘Dirty Dozen’

The IRS wrapped up its annual "Dirty Dozen" list of tax-related scams and dodges Friday with four "bogus tax-avoidance strategies" the Service advised taxpayers and their advisers to steer clear of.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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