2022 Year-End Tax Planning for Professional Services Businesses
December 2, 2022
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What year-end, tax-saving steps can professional services businesses and their owners take? How can they prepare for tax law changes impacting 2023?
In this episode of Cherry Bekaert’s Professional Services podcast series, Dale Hrapchak, Tax Partner in Cherry Bekaert’s Professional Services Industry practice, and Amber Teague, Tax Partner in the Firm’s Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for professional services businesses.
Listen in to find out about:
- Methods to reduce current year income for both accrual method basis and cash method basis taxpayers
- Other year-end planning considerations, including fixed assets and bonus depreciation
- Employee Retention Credit (ERC)
- Research & Development (R&D) Tax Credit
- Section 179D Energy-Efficient Tax Deduction
- Pass-thru entity considerations
- Tax planning, including quarterly projections to avoid surprises
- Planning around capital gains (potential loss harvesting)
- Retirement plans, including VIP retirement plans and health saving contributions to manage income
- Charitable contributions
- Year-end gifting
If you need help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation. We welcome the opportunity to identify tax planning opportunities for you and your company.