Year-End Tax Planning for Businesses and Individuals

As we wrap up 2022, it is important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes. Though there has been much political attention to tax law changes, inflation and environmental sustainability, political compromise has led to smaller impacts on taxes this year than expected.

However, with the passage of the Inflation Reduction Act and CHIPS Act this year, there are new incentives to consider for your business and individual taxes. Additionally, there are several tax provisions that have expired or will soon. We continue to closely monitor any potential extensions or changes in tax legislation and will keep you informed.

In the meantime, here is a look at some issues impacting businesses and individuals to consider as we approach year-end.