Two recently passed pieces of tax legislation have brought about several tax changes for 2023 that may affect you.
individual tax changes
Year-End Tax Planning is Not Business as Usual; Things You Need to Know # 2
With Tax Reform in 2018, there are significant changes for both individuals and businesses. If you remember, we told you about how the IRS has to create or revise approximately 450 forms, publications and instructions. Also, the IRS has to modify around 140 information technology systems to make sure it can accommodate the new tax forms. This will include writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect your or you personally. So you may need to plan for these tax changes.