2023 Tax Planning to Take Advantage of Tax Saving Opportunities

It’s never too early to start this year’s tax planning.  Entrepreneurs should begin planning to take advantage of tax-saving opportunities and get ready for reporting changes in 2023. With next year’s filing deadline nearly a year away, taxpayers still have time to identify possible tax benefits, take action to qualify for them and claim them when they file in 2024. They also have time to plan for reporting changes and even claim overlooked tax benefits from the recent past.

Tax Planning May Include Employee Retention Credits (ERC) and Energy Cost Savings

Taxpayers should review the provisions of the Inflation Reduction Act (IRA), which can save business owners money on energy costs. Additionally, eligible employers who overlooked the Employee Retention Credit (ERC) when they filed payroll tax returns for 2020 and 2021 can still claim it by filing the form 941-X.  Taxpayers should seek competent assistance from a reputable tax professional to determine eligibility requirements. Meanwhile, employers who provide educational assistance programs can use them to help pay student loan obligations for their employees. Employers should review the employment tax treatment of fringe benefits.

Wilson Tax Law Group, APLC (www.wilsontaxlaw.com) is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is exclusively comprised of former IRS litigators and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division and Criminal Division.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Newport Beach and Yorba Linda, California

Tel: (949) 397-2292 (Newport Beach Office)

Tel: (714) 463-4430 (Yorba Linda Office)

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