Tax season can be a stressful time for many individuals and businesses alike. To alleviate some of the burden, hiring a qualified tax preparer can make the process smoother and more efficient. However, choosing the right tax preparer is crucial to ensure accuracy and compliance with tax laws.
2023 is shaping up as an action-packed year for tax and financial planning maneuvers. With a 19.6% return on the Standard & Poor’s 500 stock in the first six months of 2023 and a much faster than expected 2.4% gross domestic product growth rate in the U.S. economy, stock prices and the economy have risen much more than expected.
Our tips are designed to make you think about how you could reduce your tax bill for 2022. They’re reminders about ways to cut your federal tax bill by December 31, 2022 in specific situations of interest to business owners, doctors, and employees in executive management as well as middle managers, teachers, and other hard-working lifelong retirement investors.
The good news is that the Federal Reserve’s preferred measure of inflation may be bottoming, but the bad news is the American consumer’s purchasing power declined by -4.8% in the 12 months ended August 31.
It’s only mid-September, but please begin to think about year-end tax planning. This is an unusual year for tax planning. Not only has the stock market been volatile but new rules about distributions from IRAs and federally qualified retirement plans (QRPs) – such as 401(k), 403(b) and defined benefit plans –became effective this year, and the newly-enacted Inflation Reduction Act also adds some planning opportunities.