Year-End Tax Planning 2023

  • Wealth Planning

Year-End Tax Planning


In Summary

As another tumultuous year comes to an end and many suffer from “tax policy and planning fatigue,” we encourage clients to reach out to their Private Advisors to continue the discussion and determine if any of the strategies discussed in this piece are right for them. A little extra planning now could potentially pay big dividends in April and the future.

Major Takeaways

  • There are many strategies that can still be accomplished and elections that can still be made before year-end that can not only help reduce current-year tax bills but can also help minimize future tax liabilities.
  • The sunset of many of the Tax Cut and Jobs Act’s (TCJA) provisions on January 1, 2026, may seem very far off, but being aware of what provisions will expire and factoring them into current and future tax decisions now may provide substantial tax savings in the long run.
  • A list of the most notable TCJA provisions that will expire at the end of 2025, as well as charts containing the tax brackets and other important tax information for tax years 2023 and 2024, is also included in the Appendix of the Wealth Strategy Insight.