The Top 10 Tax Planning Ideas for 2023

The top 10 tax planning ideas presented are:

• Engage in tax bracket management,

• Reduce exposure to the 3.8% Net Investment Income Tax and Internal Revenue Code Section 199A Limits,

• Consider income shifting,

• Perform Roth IRA Conversions – The chart also gives reasons to consider doing a Roth Conversion now

• Consider creating a Charitable Remainder Trust,

• Maximize contributions to retirement plans,

• Consider an Internal Revenue Code Section 453 deferred installment sale,

• Utilize tax-efficient investing,

• Consider creating a Charitable Lead Trust, and