2022 Year-End Tax Planning for Individuals and Businesses

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring or accelerating their tax obligations.

To help with planning, we have prepared 2022 year-end tax planning letters.  

In them you'll find guidance on:

For Individuals:

  • 2022 Federal Income Tax Rate Brackets
  • 2023 Federal Income Tax Rate Brackets
  • Timing of Income and Deductions 
  • Long-Term Capital Gains 
  • Net Investment Income Tax 
  • Social Security Tax
  • Long-Term Insurance and Services
  • Retirement Plan Contributions
  • Foreign Earned Income Exclusion
  • Alternative Minimum Tax
  • Kiddie Tax
  • Limitations of Deductions of State and Local Taxes (SALT Limitation) 
  • Charitable Contributions
  • Estate & Gift Taxes
  • Net Operating Losses and Excess Business Loss Limitation 

Click here to download the 2022 Year-end Tax Planning Letter for Individuals


For Businesses:

  • Recent Legislative Changes - the Inflation Reduction Act and the CHIPS Act 
  • Generate Cash Savings Through Tax Accounting Methods and Strategic Tax Elections 
  • Tax Accounting Method Changes - is a Form 3115 Required and When? 
  • Write off Bad Debts and Worthless Stock 
  • Minimize 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 

Click here to download the 2022 Year-end Tax Planning Letter for Businesses


Meeting with your trusted Tax Advisor is key to ensure that you're on the right track and headed into another successful year.  Your advisor can guide you through changes and can help explain what they mean for you. 

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