Fineman West’s 2022-23 Tax Planning Guide

Reducing taxes is always a difficult task, but it becomes even more challenging during times of economic and legislative uncertainty. This is especially true for higher-income taxpayers who face higher rates and other additional taxes, as well as tax-break phaseouts. In order to take advantage of available tax breaks, it is crucial to stay informed about relevant changes in tax laws that have either come into effect or expired. For instance:

The Inflation Reduction Act, signed into law in August, includes tax breaks related to clean energy, plug-in electric vehicles, and home energy improvements, while tax provisions introduced during the pandemic have generally expired. The Tax Cuts and Jobs Act (TCJA), which came into effect four years ago but still has significant implications for tax planning.
Lastly, it is essential to keep an eye out for any new tax law changes that may be introduced this year and affect 2022 tax planning.

This 2022-2023 Tax Planning Guide here provides an overview of key tax provisions that higher-income taxpayers should be aware of, as well as strategies for reducing taxes in the current tax environment. Do you need help with identifying the most effective strategies for your specific situation? Contact us today at (213) 688-9898 or info@fwllp.com