2023 Year-end Year-round Tax Planning Guide

Windes is committed to helping you maximize your income through a variety of tax-saving strategies. With changes to federal tax laws impacting businesses and individuals, there are a number of tax developments to consider for the current tax year and beyond.

Special note for businesses: Due to tax legislation enacted several years ago, bonus depreciation is being phased out, and businesses should start preparing now to comply with the Corporate Transparency Act by identifying the beneficial owners of their companies.

• The federal bonus depreciation has been reduced to 80% for 2023 (see page 13). 
• The Corporate Transparency Act is a law that was enacted in 2021 and will go into effect in 2024. Domestic and foreign companies, as well as limited liability companies, must report their beneficial owners (see page 16).  

Click HERE to view our 2023 Year-end Year-round Tax Planning Guide.We have highlighted key considerations in this year’s guide, but keep in mind that this resource is intended to provide broad suggestions only. There is no substitute for the guidance of your Windes advisor who keeps your specific needs in mind. We look forward to working with you to review the details of your tax situation and assess the impact of recent and potential changes. Connect with us today so we can help you determine the best strategy for your future.