2022 Year-End Tax Planning for Government Contractors
November 30, 2022
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What year-end, tax-saving steps can government contracting businesses and their owners take? How can they prepare for tax law changes impacting 2023?
In this episode of Cherry Bekaert’s Government Contracting podcast series, John Ure and Carol Marin, Tax Partners in Cherry Bekaert’s Government Contractor Industry practice and Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for government contractors and 8(a) government contractors.
Listen in to find out about:
- Methods to reduce current year income
- Captial expenditures, fixed assets and phase out of bonus depreciation rules starting in 2023
- Retirement plans to manage income, including VIP retirement plans
- Research & Development (R&D) tax credit
- Employee Retention Credit (ERC)
- Projections and estimated tax payments to avoid surprises
- Pass-thru entity considerations
- Qualified Business Income deduction
- Charitable contributions
- Special regulations and thresholds for SBA 8(a) program government contractors
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 the best tax positions and opportunities for you and your company.