Big Tax Changes for 2023: Start Planning Now

<p>With the 2022 tax-filing season in the rear-view mirror, it’s time to focus on the 2023 tax environment and the changes that could make a big difference to your return. Nancy Murphy, a senior wealth strategist at Charles Schwab with a focus on estate-planning, joins host Mike Townsend to discuss how higher inflation has had a big impact on individual tax brackets, the estate tax, retirement savings contribution limits, and more. Nancy walks through some key opportunities and decision points for investors, including whether the time is right to make a Roth conversion, how to handle new rules for inherited IRAs, how to plan amid the uncertainty as several major tax provisions are set to expire at the end of 2025, and the difference waiting to take Social Security can make. Mike also provides updates from Washington on the latest twists and turns in the debt ceiling drama and highlights key takeaways from SEC Chair Gary Gensler’s recent contentious testimony before House committee.</p><p><i>WashingtonWise </i>is an original podcast for investors from <a href="https://www.schwab.com">Charles Schwab</a>. For more on the series, visit <a href="https://www.schwab.com/washingtonwise">Schwab.com/WashingtonWise</a>.</p><p>If you enjoy the show, please leave a ★★★★★ rating or review on <a href="http://getpodcast.reviews/id/1478013779">Apple Podcasts</a>. </p><p> </p><p><strong>Important Disclosures</strong></p><p>The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.</p><p>The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.</p><p>All expressions of opinion are subject to change without notice in reactio