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2023 Tax Planning Guide


Even as the pandemic persisted, taxpayers were faced with the highest annual rate of inflation in four decades, pressuring both individuals and businesses trying to keep up with rising prices. On the bright side, inflation triggered significant increases on dollar limits for everything from Social Security payments to retirement plan contribution limits.

These inflation-triggered changes, as well as new tax provisions contained in the recently enacted Inflation Reduction Act, make it necessary to review your investments, estate plans, retirement and business strategies.

When this booklet went to press, Congress had just passed new legislation affecting taxes, but the IRS had not yet published all final rules regarding the new law.

We urge you to consult your tax professional, who can work with you to ensure your strategies consider these changes as you take steps to ensure a financially secure future.

Personal Tax Planning

New and Noteworthy

Because of an annual inflation rate that soared higher than any time since 1981, a number of tax features that are indexed to inflation will change in 2023. These increases affect everything from retirement and estate planning to personal and corporate income tax brackets. We’ll mention a few of them along with some of the more common tax features, while you can find further details throughout this booklet.

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New and Noteworthy - Retirement Accounts

Let's take a closer look at some tax law changes that have an impact on your retirement accounts, including an increase to retirement plan contribution limits.

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Plan for Retirement

The steps you take today preparing for retirement will shape your financial picture in retirement.

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Brackets and Rates

The tax brackets for 2023 were adjusted for inflation. All federal income tax brackets are based on taxable income.

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Alternative Minimum Tax

The exemption for taxpayers subject to the Alternative Minimum Tax (AMT), which limits allowable deductions for some higher-income taxpayers, increased significantly in 2023.

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Capital Gains Tax

You pay capital gains taxes on realized gains from long-term investments held longer than one year, and ordinary income tax on realized short-term gains from investments held for a year or less.

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Health Savings Accounts

Limits for Health Savings Accounts (HSAs) and their companion High-Deductible Health Plans (HDHPs) increased significantly for 2023, t h anks to high inflation.

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Deductions and Credits

Tax credits are subtracted directly from taxes owed, while tax deductions lower your taxable income. The following includes some federal tax credits and deductions.

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Retirement and Health Savings Plan Contribution Limits

Below are the 2022 and 2023 retirement and health savings plan contribution limits.

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Estate Taxes

If you haven’t discussed estate planning opportunities with your legal, tax and financial professionals yet, why not use this time to schedule a meeting?

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Charitable Contributions

Donations of goods to charity are valued at their market value at the time of donation. You can’t claim the price you paid for the item.

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Tax Planning and College

Let's take a closer looks at some changes that affect how you save and plan for college.

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Personal Tax Considerations

While it is important that you meet with your team of legal, tax and financial professionals regularly, there are several situations that automatically trigger the need for such a meeting.

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Introduction to the SECURE 2.0 Act

Congress passes new tax legislation starting in 2023. Let's take a look at some of the highlights.

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SECURE 2.0 Act - Retirement Investors

Individuals will find a lot to like in the SECURE ACT 2.0, especially pertaining to retirement security. Be aware that limits and restrictions apply and that some 401(k) and 403(b) plans may not offer all of the new features.

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Business Tax Planning


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