Tax & AccountingNovember 07, 2023

2023 Year-End tax planning

By: CCH AnswerConnect Editorial
This article is an excerpt from a Tax Briefing initially published in CCH® AnswerConnect. Download a PDF of the full Tax Briefing below, or sign up for complimentary access to CCH AnswerConnect.

Planning strategies and techniques available through end of year

2023 has been a relatively quiet year from both a tax standpoint, and an overall economic standpoint for the United States. After 2022 saw historically high inflation as the economy rebounded from the impacts of the pandemic, inflation has cooled somewhat, and it appears that the chances of a recession have abated.

On the tax front, 2023 (as of now) has not seen any major legislation. The IRS has been busy issuing guidance implementing major pieces of 2022 tax legislation. However, much of this legislation, and the ensuing guidance, is very narrowly applicable, largely impacting green energy investment and retirement planning and saving. For the most part, 2022 legislation was not broadly applicable to a large swath of taxpayers. 

What this means is stability, and a return to tried-and-true year-end tax strategies from years past. While there are always new strategies to consider, and indeed there are some changes from recent legislation that are in effect for 2023, the simple tactics of deferring income and increasing current deductions will be the order of the day for 2023. 

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