October News To Know

Dear Clients & Friends,

As we enter the fourth quarter for 2022, it’s time to start thinking about year-end tax planning. While we work on finalizing the 2021 extensions that are due by October 15th, we are also starting to schedule our annual year-end meetings with clients to prepare for 2022 taxes.

We recommend that you make an appointment with your CJBS team member to take advantage of our advisory services by going over 2022 in order to avoid any surprises come tax time in April 2023. This will include planning for any upcoming tax liability and implementing year-end tax strategies, such as – tax harvesting, deductible benefit plans, bonus depreciation, and Donor Advised Funds, to name a few.

As the end of the year approaches, there are a few creative ideas to take advantage of (or know about) before the year ends:

• Need a car, and looking into purchasing an electric vehicle? There are new and used clean vehicle credits available starting January 2023. Delays in supply chains still seem to be a problem, so unless your need is immediate and/or you will be benefiting from the 100% bonus depreciation by year-end, it might be smart to wait until January to take advantage of this upcoming credit. (Also available for businesses.)

• Want to support charities but not sure how much to give or to whom? A Donor Advised Fund might be a great solution for you. While it requires an initial lump sum to get started, you can contribute annually to this fund to receive the tax deduction in the current year and set it up to make donations to qualified charities at your convenience (including at a later date). In other words, no more running to the post office on December 31^st to guarantee a current year deduction for your donations.

• Want to help support family members while also reducing your exposure to tax liability upon death? You can make cash gifts to family members up to $16,000 (in 2022) per individual, without triggering the gift tax return. This is a smart way to transfer wealth over time without incurring a tax burden for you or your descendants.

In addition to focusing on year-end goals and 2022 tax strategies, the fourth quarter brings some new and exciting information to you in the way of:

•  A Year-End Tax Planning Guide
•  A Podcast episode featuring Partner Ryan Guedel, CPA!

You can expect to receive both of these resources in your inbox later this quarter. In the meantime, if you’d like to look at last year’s Tax Planning Guide, click here for a downloadable PDF.

As always, we are here to help you navigate the tax season and optimize your financial situation. Please contact your CJBS team member with any questions or to learn more about what you can do to help prepare for your 2022 taxes.

Stay safe & healthy, 

The CJBS Team