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2023 Financial Services Year-End Tax Planning Guide

Download the Guide Here

As we go to press with our annual year-end tax planning guide, we can look back at a relatively quiet year from both a tax standpoint and an overall economic standpoint. On the tax front, 2023 thus far has not seen any major legislation. While the IRS was busy issuing guidance on implementing major pieces of 2022 tax legislation, much of that legislation, and the subsequent guidance, was very narrowly applicable, largely impacting green energy investment and retirement planning and saving. For the most part, 2022 legislation was not broadly applicable to a large swath of taxpayers. What this means is stability and a return to tried-and-true year-end tax strategies from years past.

While there are always new strategies to consider, and indeed there are some changes from recent legislation that are in effect for 2023, the simple tactics of deferring income and increasing current deductions will be the order of the day for 2023. Staying one step ahead in this environment means being informed by understanding the current rules, being flexible by keeping abreast of potential changes, and being ready to act by starting to prepare for what might come.

Click here to download this year’s tax planning update. Please contact E. George TeixeiraJinal Shah or your Anchin Relationship Partner should you have any questions about year-end tax planning.