2023 Tax Planning Resources
Individual
For individuals: available year-end tax planning opportunities for 2023.
For clients to help them understand the standard deduction versus itemized deductions.
For clients interested in deferring recognition of capital gains by investing in a qualified opportunity zone fund or qualified opportunity zone business.
For clients who claim medical and dental expenses and/or a credit for health insurance costs.
For clients interested in selling their main home.
For clients who have children with unearned income.
For high-income clients and prospective clients: considerations for a gift-giving program that takes advantage of the per-donee gift tax exclusion.
Real Estate
For clients with rental real estate businesses who are interested in planning strategies for meeting the requirements to claim the qualified business income deduction.
For clients who own rental real estate.
This letter explains the benefits of a cost segregation study to accelerate depreciation on building components.
Business
For business clients to consider their available year-end tax planning opportunities for 2023
For clients who are small business owners.
This letter explains the deduction limitation of excess business losses for noncorporate taxpayers for tax years beginning in 2021 through 2025.
This letter explains treatment of net operating losses (NOLs) for individual and corporate taxpayers for tax year 2022.
For clients interested in deferring recognition of capital gains by investing in a qualified opportunity zone fund or qualified opportunity zone business.
For clients impacted by the elimination of the entertainment expense deduction.
This letter explains the 2022 optional standard mileage rates for computing automobile expenses used for business, charitable, medical or moving expenses.