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2022 year-end tax guide: Tax planning is a critical challenge for higher-income taxpayers

November 8, 2022 White Paper 25 min read
Authors:
Michael Monaghan Stephen Eckert
Between the expiring pandemic-related tax provisions, the Tax Cuts and Jobs Act still affecting taxes, and continuing economic uncertainty, tax planning for today comes with a host of critical considerations. Maximize your tax benefits with this 2022 year-end guide.
Business professional using a calculator at their desk.After a tumultuous couple of years filled with pandemic-related tax provisions, 2022 was relatively quieter in terms of new tax legislation. Many of those provisions expired as delayed rules from the 2017 Tax Cuts and Jobs Act (TCJA) took effect. With various moving pieces, you should ensure your current strategy aligns with the latest updates to personal and business taxes.

These latest updates include the passage of the Inflation Reduction Act (IRA) in August 2022. Though the IRA included fewer tax changes than proposed in the Build Back Better Act (BBBA), tax credits and incentives for energy-efficient property and vehicle owners, the renewable energy sector, and its suppliers were retained.

Our tax experts are here to help assess which changes affect you. Through this guide, you’ll get insight into the different options you have to reduce exposure to the top tax rates and take advantage of current tax provisions. Use it to work with your Plante Moran tax advisor to identify the best strategies for your situation and stay apprised of new tax law developments that might affect you.

What’s inside:

  • Income & deductions
  • Executive compensation
  • Investing
  • Real estate
  • Business ownership
  • Charitable giving
  • Family & education
  • Retirement
  • Estate planning
  • Tax rates

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