Skip to Content
Happy person checking out at a store.
Article

Year-end tax planning opportunities for your consumer-focused business

December 21, 2022 / 3 min read

As 2022 winds down and consumer companies are planning for the year ahead, now’s a good time to review the tax position of your business. Here are some upcoming changes to watch for and tax-saving opportunities that you may have overlooked.

It’s that time of the year when many franchise, retail, and restaurant business owners reflect on the year that was and plan for the opportunities ahead. No review is complete without an analysis of the tax landscape. Here are some key tax changes and opportunities that should be on your radar.

Upcoming changes

Many tax provisions have scheduled expiration dates or planned phaseouts that will reduce their benefits over time. Here are some important provisions subject to changes in 2022 and 2023 that could affect your tax bill:

Tax-saving opportunities

It’s also prudent to take this time to ensure you’re utilizing all existing tax benefits that apply to your business. Some of those top considerations are:

Take this time to ensure you’re utilizing all existing tax benefits that apply to your business.

These are just a few items to consider as you wind up 2022 and begin to plan for 2023. Many of these tax provisions are dependent on the specific facts and circumstances of your business, so be sure to review the fine details carefully with your tax advisor.

Related Thinking

Close up of a government building with old architecture
December 20, 2024

Beneficial ownership reporting modified by the courts

Article 4 min read
Business professionals in suits standing in a court house environment
December 19, 2024

Tax accounting methods: Income and expense planning in uncertain times

Article 10 min read
Group of business professionals walking in a hallway.
December 12, 2024

IRS email shows importance of documenting partnership loans

In The News 2 min read