Besides some IRS inflation adjustments, calendar year 2023 has brought limited changes in individual tax laws. This report focuses on information that could be helpful for individuals in conjunction with tax planning for the calendar year 2023. It also has a section that shares some of the tax laws that are currently set to sunset at the end of 2025.
Remember, the Tax Cuts and Jobs Act (TCJA) enacted in 2017 brought many changes to the tax code. The Tax Cuts and Jobs Act included many provisions for individuals that took effect in 2018 but are currently set to expire after 2025. One big uncertainty for all taxpayers is what will happen to the tax code after 2025.
As financial professionals, we try to be proactive. The primary objective of this report is to share strategies that could be effective if considered and implemented before year-end.
*Please note that this report is not a substitute for using a tax professional. In addition, many states do not follow the same rules and computations as the federal income tax rules. If you have any questions, please reach out to Prestige Wealth Accounting Group or your outside tax preparer to see what tax rates and rules apply to your state.