2023 Tax Planning Guide
2023 Tax Planning Guide
In this guide, we will explore where your tax dollars go, some of the ways tax filing may look different, and what you can\do to prepare. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, andaccounting professionals before modifying your strategy.
Before we dive into the upcoming tax brackets and what you can do to prepare forthe upcoming tax season, it will be helpful to understand precisely how the government allocates your federal tax dollars.
In 2022, the federal government spent $6.27 trillion, which equals 25% of the nation’s gross domestic product (GDP). Further examination reveals that three significant areas of spending made up the majority of the budget.