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2023 Year-End Tax Planning Update

Amy L. Dalen, JD


We are coming to the end of another year filled with rising interest rates and continued market volatility, with little action from Congress to fix or extend tax provisions that could benefit individuals and small businesses alike. These factors make year-end tax planning challenging, but more critical than ever, to ensure any and all opportunities for tax reduction and deferral are being considered.

Our guide, 2023 Year-End Tax Planning for Individuals and Businesses, produced by the professionals of the HBK Tax Advisory Group, delivers detailed information based on federal laws, regulations, court cases, and policies, and includes strategies you can use to ensure your most tax-efficient year yet. The planning strategies and recommendations discussed generally focus on federal tax laws, so if you live in a state that does not typically follow the federal tax rules additional nuances may need to be considered before implementing a strategy. Our state and local tax (SALT) experts provide some insights in this letter and are also available to provide additional planning strategies that may be more beneficial at the state level.

In addition, international tax issues continue to be a focus with the IRS, and compliance costs continue to rise as reporting becomes more complex and penalties increase. Individuals and businesses that engage in foreign activities need to be more vigilant in documenting and reporting all of their foreign activities and ensuring that all income is reported appropriately. Our international tax experts are available to talk through potential issues and identify planning opportunities that could help minimize foreign reporting requirements. We hope you find the information in this letter helpful, and we encourage you to reach out to your HBK tax advisor to discuss these planning opportunities prior to implementing any changes. We look forward to working with you this coming year.

Download the update.


The information included in this document is for general, informational purposes only. It does not contain any investment advice and does not address any individual facts and circumstances. As such, it cannot be relied on as providing any investment advice. If you would like investment advice regarding your specific facts and circumstances, please contact a qualified financial advisor.

Any investment involves some degree of risk, and different types of investments involve varying degrees of risk, including loss of principal. It should not be assumed that future performance of any specific investment, strategy or allocation (including those recommended by HBKS® Wealth Advisors) will be profitable or equal the corresponding indicated or intended results or performance level(s). Past performance of any security, indices, strategy or allocation may not be indicative of future results.

The historical and current information as to rules, laws, guidelines or benefits contained in this document is a summary of information obtained from or prepared by other sources. It has not been independently verified, but was obtained from sources believed to be reliable. HBKS® Wealth Advisors does not guarantee the accuracy of this information and does not assume liability for any errors in information obtained from or prepared by these other sources.

HBKS® Wealth Advisors is not a legal or accounting firm, and does not render legal, accounting or tax advice. You should contact an attorney or CPA if you wish to receive legal, accounting or tax advice.

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