Welcome back to @AskaCPA

Today, we’re sitting down with the one and only Russell Wallace, CPA. Russell owns and operates a CPA firm in Denton, Texas, where he focuses on healthcare professionals and small business owners.

As 2023 is coming to a close, it’s important to take a proactive approach to tax planning. With a couple of months left in the year, here are some planning tips that can help minimize your individual tax liability. Now’s the time to take advantage of year-end moves to cut your next tax bill – before it’s too late.

Whether you make a charitable donation, fund your retirement account, or review helpful tax deductions, taking these small steps now can make a big difference come tax time.

The individual filing deadline for 2023 taxes is April 15th, 2024.

The following year-end tax strategies can make a significant impact on your tax liability if implemented before year-end.

– Maximize retirement contributions
– Harvesting capital losses
– Mutual fund distributions
– Wash sale rules
– Roth conversion
– Qualified charitable distributions
– Review W-2 withholdings
– Annual gifting exclusion
– Donor-advised fund
– 529 plans
– Higher education tax credits
– Electric vehicle tax credits

Alright, there is lots of great information in today’s video… Let’s get into it.

If you have a question, please head over to our website and leave a question for us.

Thanks for watching!

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As the end of the year approaches, it’s important for individuals and businesses to start thinking about their year-end tax planning. With the ever-changing tax landscape, it’s crucial to stay ahead of the game and make proactive decisions to minimize tax liabilities and take advantage of available opportunities.

To get some expert insights and advice on year-end tax planning for 2023, we interviewed Russell Wallace, a Certified Public Accountant (CPA) with over 15 years of experience in tax planning and compliance.

Q: Russell, could you give us an overview of the current tax landscape and any key changes for 2023 that individuals and businesses should be aware of?

A: Certainly. The current tax landscape is complex and constantly evolving, with numerous tax laws and regulations that can impact individuals and businesses. As for 2023, there are several key changes that individuals and businesses should be mindful of, such as potential changes to the tax brackets, deductions, and credits. Additionally, new legislation related to COVID-19 relief measures and infrastructure spending could also have tax implications. It’s important for taxpayers to stay informed and seek professional guidance to navigate these changes effectively.

Q: What are some proactive tax planning strategies that individuals and businesses can consider for 2023?

A: There are several proactive tax planning strategies that individuals and businesses can consider to minimize their tax liabilities. For individuals, maximizing contributions to retirement accounts, such as IRAs and 401(k)s, can help reduce taxable income and accumulate tax-deferred savings. Additionally, taking advantage of tax credits and deductions, such as the child tax credit and charitable contributions, can also lower tax bills. For businesses, strategies such as accelerated depreciation, cost segregation, and research and development credits can provide tax savings opportunities.

Q: Are there any specific year-end tax planning tips that individuals and businesses should keep in mind as we approach the end of 2023?

A: Absolutely. As we approach the end of 2023, individuals and businesses should consider several year-end tax planning tips. For individuals, maximizing contributions to retirement accounts and health savings accounts before the year-end deadline can help reduce taxable income and save for the future. Additionally, reviewing investment portfolios and capital gains/losses to optimize tax outcomes is also critical. For businesses, accelerating deductible expenses, such as equipment purchases and pre-paying certain operating expenses, can provide immediate tax benefits. It’s important to consult with a qualified tax professional to develop a tailored year-end tax plan that aligns with specific financial goals and circumstances.

Q: What are some common misconceptions or mistakes that people often make when it comes to year-end tax planning?

A: One common misconception is the belief that tax planning is only relevant during tax season. In reality, tax planning should be a year-round endeavor, with regular review and adjustment of strategies to maximize tax savings and minimize liabilities. Another mistake is failing to keep abreast of tax law changes and overlooking potential tax opportunities. As the tax landscape continues to evolve, individuals and businesses need to stay informed and adapt their tax planning strategies accordingly.

Q: How can individuals and businesses benefit from seeking the advice of a CPA for their year-end tax planning?

A: Consulting with a CPA for year-end tax planning can provide individuals and businesses with valuable insights, expertise, and personalized guidance. CPAs have a deep understanding of tax laws and regulations, allowing them to identify opportunities for tax savings and navigate complex tax scenarios effectively. By working with a CPA, individuals and businesses can develop tailored tax strategies that align with their specific financial goals and maximize tax benefits.

In conclusion, year-end tax planning is a critical aspect of financial management for both individuals and businesses. By staying informed, seeking professional guidance, and implementing proactive tax planning strategies, taxpayers can optimize their tax outcomes and position themselves for financial success in 2023 and beyond. Consulting with a knowledgeable and experienced CPA can provide the expertise and resources needed to navigate the complexities of the tax landscape and make the most of available opportunities.