We are just over 2 months from the end of 2023! It’s important to do some planning now.

Action now can minimize taxes that you owe for 2023. Things to consider:

Defer as much income into your 401k plan as you can by 12/31/2023 payroll. The maximums for 2023 are $22,500 and $30,000 if you are age 50 and over.
It’s been a good investment year. (Schedule a meeting with us if yours hasn’t been!) It is still important to look at taking losses in your non-retirement accounts holdings.
Consider charitable contributions. If you are over age 73, you can have your retirement plan RMD’s go directly to charities and NOT pay taxes on the RMDs. This is called a QCD. For those subject to RMD’s, there is a NEW provision that allows you to give to charity, pay NO taxes on the distribution AND set up an annuity to get annual income back from the charity!
Business owner/partner? Secure Act 2.0 may have tax credits for you.

Interested in learning more? Sign up for your free consultation here.

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