Year-end tax planning guide for individuals

Tax considerations for 2023 and beyond

Oct 16, 2023
Private client services Personal tax planning

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.

RSM contributors

How do entrepreneurs address the various lifecycle stages of business ownership?

Owning a business takes a certain confidence and grit.  All owners are different, but all face similar challenges.  Our business ownership lifecycle ebook shares insights gleaned from helping business owners face these challenges head on.