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What a year it’s been! So far, we have had to cope with a global pandemic, extreme political division, and a series of natural disasters—just to mention a few noteworthy occurrences. These events have complicated tax planning for individuals and small business owners.

Additionally, new legislation enacted the last couple of years has had, and will continue to have, a significant impact. First, the Coronavirus Aid, Relief, and Economic Security (CARES) Act addressed numerous issues affected by the pandemic. Following soon after, the Consolidated Appropriations Act (CAA) extended certain provisions and modified others. Finally, the American Rescue Plan Act (ARPA) opens even more tax-saving opportunities in 2021.

In addition to these federal changes, California Assembly Bill 150 was signed into law on July 16, 2021. This new law will allow some owners of passthrough entities to deduct state and local income taxes without regard to the federal $10,000 limitation. Not all passthrough entities are eligible and there are some pitfalls to be aware of. This is discussed in more detail in the Business Tax Planning section.

And we still might not be done. New proposed legislation is currently being debated in Congress. If another new law is enacted before 2022, it may require you to revise your year-end tax planning strategies.

This is the time to assess your tax outlook for 2021. By developing a comprehensive year-end plan, you can maximize the tax breaks currently on the books and avoid potential pitfalls.

Keeping all that in mind, we have prepared the following 2022 Year-End Tax Planning Guide. For your convenience, the guide is divided into three sections:

  • Individual Tax Planning
  • Business Tax Planning
  • Financial Tax Planning

For your tax planning preparation, we have included the following 2023.01.01 Annual Information Returns Newsletter

Also, June 30, 2022 is the deadline for most employers to register with CalSavers.  Please read the following article for more information.

Spidell’s California Taxletter – May 2022

Other informative articles that are available include: Target Date Funds: What You Need to Look For and Don’t Panic if You Receive a Benefit Audit Notice.

Be aware that the concepts discussed in this letter are intended to provide only a general overview of year-end tax planning. It is recommended that you review your personal situation with a tax professional. Please contact us.