For most businesses, year-end tax planning involves a delicate balancing act, and the more flexibility that’s built into the plan, the better. That’s because the tax code is in a constant state of flux, which makes it challenging to identify the most effective strategies. Tax strategies that are right for one business might be wrong for another. This article explains a few different strategies that provide planning flexibility. A sidebar discusses whether a business owner can deduct the costs of interior building improvement.

Savvy investors know that taxes can have a big impact on their returns. And while tax considerations should generally take a back seat to sound investment strategies, consider year-end moves that can slash one’s tax bill. This article provides a few ideas to consider as the end of 2022 nears.

It’s no surprise that many individuals are making substantial gifts to their family members to take advantage of the current federal gift and estate tax exemption. Indeed, the 2022 exemption of $12.06 million is the highest amount it’s ever been. But absent action from Congress, the amount will drop to an inflation-adjusted $5 million in 2026. If a person’s estate consists of hard-to-value assets, making gifts of these assets can be risky. If the IRS later determines that the gifts were undervalued, gift tax (plus interest and possibly penalties) may result. This article explains why making defined-value gifts can help avoid unexpected tax liabilities.

These brief tips explain why now is a good time to check one’s flexible spending account’s balance; explore how relying on IRS-issued FAQs can help avoid noncompliance regulations; and detail the benefits of opening a Roth IRA for a child.