July 2022 Newsletter

Cash App Income Rules

Cash apps like Venmo and Paypal are now required to report payments totaling more than $600 for goods and services. Cash app networks will now send a Form 1099-K to any users that meets this income threshold.  

The non-taxed transactions can be excluded from income tax include certain peer-to-peer payments:

- Money received as a gift

- Money received from a roommate to pay bills

- Money received as reimbursement

- Money for fundraising

It is recommended that you set up a separate cash app for personal, fundraising and business use. 

 Important Dates

IRS Increases Mileage Rate

Jumps at the pump prompt IRS mileage rate increase. The new optional standard mileage rate for business purposes is now 62.5 cents per mile and medical/moving purposes is 22 cents per mile. These changes start July 1, 2022. Click on the button below for more information.

Best of Denton Nominations are OPEN!

You can make a nomination by following these steps:

1. Visit Best of Denton County: Financial, Insurance & Real Estate
2. Fill in your name, town/city, and email address, then select NEXT 
3. Scroll down to boxes 7, 8, and 9 and fill out the nominees: 
• #7 Bookkeeping: Mary Smith, Chandler & Knowles CPAs, Flower Mound
• #8 Certified Public Accountant: Kristina Knowles, Chandler & Knowles CPAs, Flower Mound
• #9 Certified Public Accounting Firm: Chandler & Knowles CPAs, Flower Mound
4. When finished, select NEXT to review your nominations, then select NEXT again to finalize your results. You must select DONE to submit your nomination. 

Nominations close July 6th at midnight. We appreciate your support!