With year end fast approaching, it's time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well.
The good news is that it now appears that there won't be any significant unfavorable federal tax changes that will take effect this year or next year. Assuming that's an accurate prediction, the tax planning environment this year end is better than it has been in past years, when Congress was considering unfavorable federal tax change proposals.
Fortunately, those changes didn't happen, leaving you with some familiar tax planning strategies to consider.