Tax Planning Guide for Businesses & Individuals (2022-2023)

Posted on October 18, 2022October 18, 2022

Year-end tax planning is the practice of evaluating your tax situation and trying to minimize your tax liabilities while looking at your overall financial position. It is also a good time to review your estimated tax requirements, anticipated cash outlays at the filing deadline, and working to avoid underpayment of estimated tax penalties. While this can take place at any time during the year, there are certainly actions taxpayers may take now to realize a more favorable tax outcome.

AAFCPAs encourages clients to review our 2022-2023 Tax Planning Guide for Businesses & Individuals to familiarize yourself with sections or strategies that may apply to your situation and discuss with your AAFCPAs Tax Advisor.

Personal strategies

Accelerating or deferring income
Maximizing or bunching deductions
Giving tax-savvy donations
Contributing to a retirement plan
Claiming all possible tax credits
Taking child-related breaks
Timing capital gains and losses
Planning for retirement plan distributions
Participating in a Flexible Spending Account or Health Savings Account
Taking advantage of education savings plans
Making timely estimated tax payments
Incorporating tax planning into your estate plan

Business strategies

Selecting a tax-advantaged business structure
Claiming all credits for which you’re eligible
Deducting all eligible business expenses
Accelerating or deferring income
Using a tax-smart depreciation method
Qualifying expenditures as repairs
Taking advantage of 100% bonus depreciation or Section 179 expensing
Maximizing vehicle-related deductions
Choosing tax-saving employee benefits to offer
Setting up a retirement plan
Using a net operating loss to your tax advantage
Incorporating tax planning into your exit plan
Disposal of obsolete inventory
Optimizing pass-through entity tax
Paying previously accrued expenses owed to related parties

Tax planning is a critical challenge—especially in times of legislative and economic uncertainty. Our goal is to make sure clients are doing everything they can to save tax.

We welcome the opportunity to help you map out a tax plan that takes full advantage of all strategies available to you. Please contact us at your earliest convenience to discuss how we may help you develop a tax plan for 2022 and beyond. Most tax reduction strategies must be implemented by Dec. 31 — and some even earlier. So, the sooner the better.

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