Published December 2, 2022 – Gregory Urban joined a Business First of Buffalo roundtable discussion with financial services experts to discuss business strategies to consider before we close out 2022.

Don’t let 2022 slip away without year-end planning

The flip of the calendar should be an indication to business to do that critical year-end planning and to focus on the important tasks that will prepare the company for 2023.

Business First gathered four financial industry experts to discuss some of the important actions to take before the year comes to a close.

On the panel were:

• Jonathan Amoia – partner, managing director, certified private wealth adviser, Sandhill Investment Management.
• Alan Mollot, president and certified financial planner, Mollot & Hardy Inc.
• Gregory Urban, partner, tax advisory group, Dopkins & Co.
• Peter Walsh, senior vice president – investments, managing director, The Walsh Group of Raymond James.

Tax considerations

There are year-end income tax considerations related to the provisions included as part of the 2017 Tax Cuts and Jobs Act and the various Covid legislation packages, Urban said.

Those affecting business include changes in deductions, depreciation, expensing and tax credits. Individual income-tax changes involve reforms to itemized deductions and the alternative minimum tax, an expanded standard deduction and child tax credit.

Based on the result of the midterm elections, he sees the tax act remaining unchanged for several years.

This is the time of year, conversations he has with clients involve actions that can be taken before year-end, such as make purchases of fixed assets, that can reduce their income tax burden. The SECURE Act of 2019, which altered the rules around saving and withdrawing money from retirement accounts, also enters the conversation.

Clients also are concerned with the estate and gift tax. Urban reminds them to utilize their annual exclusion and update their wills especially if they were written before the 2017 tax legislation.

“There is a lot of charitable planning that can be done particularly as interest rates rise. It makes charitable planning somewhat more attractive,” Urban said.

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For more information, contact Gregory J. Urban CPA, CVA at gurban@dopkins.com