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2022 Year-End Tax Planning for Businesses & Individuals

By Nate Miller, CPA, MST

November 15, 2022

It’s year-end once again, and we are repeating a common thought: proactive tax planning ahead of time is the key to managing cash flows and minimizing tax burdens.

Businesses face constant pressure to maintain steady revenue, manage costs, and keep stakeholders happy. The challenge is doing this amidst record inflation, market volatility, and lingering pandemic-era supply chain stalls. Additionally, tax outcomes depend on the decisions made by Congress, particularly during an election year like now.

Through our partnership with BDO, we are pleased to bring our clients these helpful tax planning guides to assist you in reviewing and planning for 2022-2023 tax scenarios which can help you reduce, defer, or accelerate your federal tax obligations.

This information is based on federal laws and policies and does not cover specific state and foreign tax questions. All information is subject to change based on future legislative or tax policy decisions. Consult your accountant or advisor before making important tax decisions.

Topics covered in 2022 Year-End Tax Planning for Businesses

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  • Recent Legislative Changes — The Inflation Reduction Act and the CHIPS Act
  • Generate Cash Savings Through Tax Accounting Method Changes and Strategic Tax Elections
  • Is “Reverse” Planning Better for Your Situation?
  • Treatment of R&E Expenses
  • Tax Accounting Method Changes — Is Form 3115 Required and When?
  • Write off Bad Debts and Worthless Stock
  • Maximize Interest Expense Deductions
  • Maximize Benefits of NOLs
  • Defer Tax on Capital Gains
  • Claim Available Tax Credits
  • Partnerships and S Corporations
  • International Operations
  • Review Transfer Pricing Compliance
  • Considerations for Employers
  • State and Local Taxes
  • Accounting for Income Taxes — ASC 740 Considerations
  • Begin Planning for the Future

Topics covered in 2022 Year-End Tax Planning For Individuals

  • Timing of Income and Deductions
  • Federal Income Tax Brackets
  • Long-Term Capital Gains Rate Brackets
  • Retirement Plan Contributions
  • Foreign Earned Income Exclusion
  • Kiddie Tax
  • Alternative Minimum Tax
  • Limitations on Deductions of State and Local Taxes (SALT)
  • Charitable Contributions
  • Net Operating Losses and Excess Business Loss Limitation
  • Estate and Gift Taxes

We hope you can use this valuable tax planning information to your advantage. If you need further assistance or for general information about this article, reach out to our team at contactus@gccpas.net or contact your Grimbleby Coleman advisor for specific tax information.