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Year-end tax planning guide for individuals

GUIDE | October 16, 2023

Authored by RSM US LLP


On the horizon are several significant tax law changes affecting individuals, increasing the urgency for taxpayers to plan for scheduled decreases to various gift exemptions. Meanwhile, elevated interest rates are creating opportunities to lessen the tax burden of transferring wealth in some cases.

RSM has developed this tax planning guide to help you think through those and other considerations for 2023–24. The guide covers the following topics:

  • Lifetime exemptions
  • Annual exclusions
  • Transferring wealth in a high interest rate environment
  • Individual income tax rate
  • Digital assets
  • Beneficiaries of retirement plans
  • Charitable gifts

With changing market conditions and new policy developments, we are here to provide guidance and help evaluate and optimize the tax impact on your family. We hope this guide is a helpful summary for you and your family of tax changes and items that may be important going into 2024.

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This article was written by Abbie Everist, Scott Filmore and originally appeared on 2023-10-16.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/services/business-tax/year-end-tax-planning-guide-for-individuals.html

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

​Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.

For more information on how ​Vasquez & Company LLP can assist you, please call +1 213.873.1700.

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