2023 Year-End Tax Planning Guide

2023 Year-End Tax Planning for Individuals

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2023 and 2024 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.

The information contained within this article is based on federal laws and policies in effect as of the publication date. This article discusses tax planning for federal taxes. Applicable state and foreign taxes should also be considered. Taxpayers should consult with a trusted advisor when making tax and financial decisions regarding any of the items below.

2023 Year-End Tax Planning for Businesses

As businesses pursue transformational changes to their operational strategies, they need to consider the tax implications of those decisions from the outset. Whether you are considering supply chain shifts, pursuing M&A, implementing ESG strategies, or adjusting your workforce, you need to model the tax impacts of those business decisions. Failure to consider tax in planning could result in unintended, adverse tax impacts or missed savings. This issue is at the center of a total tax mindset. Working with tax professionals who understand the interplay between changing laws, economic forces, and the tax implications of all types of business decisions positions companies for success.

Tax planning is as essential as ever for businesses searching for ways to optimize cash flow by managing their long-term tax liabilities. Perkins & Co’s 2023 Year-End Tax Planner identifies tax strategies and considers how they may be influenced by recent administrative guidance and potential legislative changes that remain under consideration.

Contact your Perkins advisor with any year-end planning questions.


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Disclaimer: The information contained in this communication, including attachments and enclosures, is not intended to be a complete analysis of all related issues. Nor is it sufficient to avoid tax-related penalties. It has been prepared for informational purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and Perkins & Company, its members, employees, and agents accept no liability and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.