YE Tax Planning

Have you made moves to lower your federal income tax obligation for 2023? Fortunately, there's still time — and this year, tax planning may be simpler, because Congress isn't expected to pass any additional tax-related legislation that will affect your 2023 or 2024 tax situation. Here are seven ideas for you to consider before year end.

Depreciation tax breaks, such as the Section 179 expensing election and first-year bonus depreciation, remain valuable tools manufacturers can use to reap year-end tax savings.