Tax Planning 2023

2023 Year-End Tax Planning Update

We are coming to the end of another year filled with rising interest rates and continued market volatility, with little action from Congress to fix or extend tax provisions that could benefit individuals and small businesses alike. These factors make year-end tax planning challenging, but more critical than ever, to ensure any and all opportunities for tax reduction and deferral are being considered.

This planning letter contains information and planning strategies based on federal laws, regulations, court cases, and policies that are in effect as of the publication date. The planning strategies and recommendations discussed generally focus on federal tax laws, so if you live in a state that does not typically follow the federal tax rules additional nuances may need to be considered before implementing a strategy. Our state and local tax (SALT) experts provide some insights in this letter and are also available to provide additional planning strategies that may be more beneficial at the state level.

In addition, international tax issues continue to be a focus with the IRS, and compliance costs continue to rise as reporting becomes more complex and penalties increase. Individuals and businesses that engage in foreign activities need to be more vigilant in documenting and reporting all of their foreign activities and ensuring that all income is reported appropriately. Our international tax experts are available to talk through potential issues and identify planning opportunities that could help minimize foreign reporting requirements. We hope you find the information in this letter helpful, and we encourage you to reach out to your HBK tax advisor to discuss these planning opportunities prior to implementing any changes. We look forward to working with you this coming year.

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About the Author(s)
HBK Tax Advisory Group members are seasoned tax professionals with deep experience in consulting with business owners, families and other organizations to minimize taxes while always focusing on meeting client objectives. Our tax specialists collaborate with all HBK Team Members to provide our clients with the most up to date and innovative tax planning solutions. We keep our Team Members up to date on the latest tax developments and opportunities to increase the value of our tax services.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.