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2023 Year-End Tax Planning Strategies for Businesses

Cherry Bekaert

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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2022 Year-End Tax Planning Checklist

Withum

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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What’s Hot on Checkpoint for Federal & State Tax Professionals?

ThomsonReuters

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion). FTC coverage begins at A-8900 Corporate alternative (book) minimum tax.