Important Tax Planning Information for 2023

Important Tax Planning Information for 2023


Tax planning is a year-round process, but as Tax Day on April 18th approaches, it’s important to make sure you have the information you need to file correctly. Use this resource to review tax brackets, standard vs. itemized deductions, and other important information.

Federal Income Tax Brackets

A table for tax planning that displays marginal tax rate per income bracket. IT displays information for head of household, married filing jointly, and trusts and estates.
2023 Marginal Tax Rates

Alternative Minimum Tax (AMT)

The AMT is essentially a separate federal income tax system with its own tax rates, and its own set of rules governing the recognition and timing of income and expenses. If you're subject to the AMT, your taxes may be calculated twice — once under the regular tax system and again under the AMT system. If your income tax liability under the AMT is greater than your liability under the regular tax system, the difference is reported as an additional tax on your federal income tax return. If you're subject to the AMT in one year, you may be entitled to a credit that can be applied against regular tax liability in future years. 

While the AMT takes away personal exemptions (no longer applicable from 2018 to 2025) and a number of deductions, it provides specific AMT exemptions. The amount of AMT exemption that you're entitled to depends on your filing status.

Your exemption amount, however, begins to phase out once your taxable income exceeds a certain threshold. (Specifically, your exemption amount is reduced by $0.25 for every $1.00 you have in taxable income over the threshold amount).

Households and individuals with a high income may be subject to AMT. Speak with a tax professional to determine your situation.

A table that shows alternative minimum tax exemptions and phaseouts based on filing status
AMT Exemptions and Phaseouts

Long-Term Capital Gains Tax Rates

A long-term capital gain is the gain from the sale of a qualifying investment that has been owned for longer than 12 months. A tax is applied to these gains and the rate depends on income level.

An inforgraphiuc for tax planning that shows capital gains tax rates based on income.
Capital Gains Tax Rates based on income

Standard Deductions vs. Itemized Deductions

Taxpayers may take the greater of the standard deductions or total itemized deductions.

A chart that lists limits for standard and itemized deductions. c
Standard and Itemized Deductions

Income Tax Rates by State

A coded map of the US displaying all fifty states and their top marginal income tax rate.
Top Marginal State Income Tax Rates

With so many different limits and requirements, we highly recommend consulting a tax professional to make sure your information is in order before April 18, 2023. Speak with a Forme Financial advisor to learn how to keep more of what you earn with proactive tax planning. 

General Disclaimer

The information provided herein was prepared for educational purposes only and is not a solicitation to buy or sell any security or insurance product, nor an offer to provide investment advice. All examples are hypothetical and for illustrative purposes only. Nothing contained herein should be construed as legal or tax advice and is not intended to replace the advice of a qualified tax advisor or legal professional. The information contained herein may have been compiled from third-party sources we believe to be reliable but cannot guarantee its accuracy or completeness.

Forme Financial is an SEC-registered investment adviser. Additional information about Forme Financial, including its services and fees, is available online at

Past Specific Recommendations

This communication contains past specific securities recommendations for illustrative purpose only.  Forme Financial makes no assurances, nor should it be assumed, that recommendations made in the future will be profitable or will equal the performance of the securities included in this presentation. Due to various factors including changing market conditions, such recommendations may no longer be appropriate; nor should any past recommendation be taken as personalized investment advice. You may request from us free of charge a list of all securities recommendation made within the immediately preceding period of at least one year accompanied by the following disclosures: (1) the name of each security recommended; (2) the date and nature of each recommendation; (3) the market price of the security recommended at the time; (4) the price at which the recommendation was to be acted upon; (5) the market price of each such security as of the most recent practicable date. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Any presentation of the performance of such past specific securities recommendation does not reflect the deduction of an investment management fee, or any transaction costs or custodial charges, the incurrence of which would have the effect of decreasing indicated historical performance results.  It should not be assumed that your account performance of the volatility of securities held in your account will of will correspond directly to the referenced past securities recommendations.

Related Articles

We produce timely content and physician-centric educational resources through our online resource center

Informed Perspectives

What to Gather to Prepare for Your 2022-2023 Tax Return

Informed Perspectives

What to Gather to Prepare for Your 2022-2023 Tax Return

Be proactive about your taxes this year. Use this guide to learn about the documents you may need to prepare for your 2022-2023 tax return.

Read more

Informed Perspectives

Key Dates for Planning Your Financial Health in 2023

Informed Perspectives

Key Dates for Planning Your Financial Health in 2023

As 2023 jumps into gear, you may be thinking about plans and goals for the coming year and beyond. Maybe your plans include financial planning, or maybe one of your goals is to take a look at your financial health and set yourself up for the future. Your financial health involves more than just yearly taxes and planning - the more you check up on it, the easier it is to follow your plan. Whether you're a self-employed physician or a physician employed at a healthcare organization, it’s important to follow a calendar to regularly check up on your financial health.

Read more

Ready to learn more?

Learn more about Forme Financial and how we can impact your financial future.

Forme was purpose-built to assist physicians with their wealth management needs regardless of career stage. We have a highly experienced team of experts - combined with the right technology to offer the most comprehensive coordinated and integrated financial services available.

Talk to us to get started

We're so confident you'll love us, we'll add $1,500 to your account when you join Forme!*

Prefer to talk now? Call 914-417-4556

* Offer is valid only when you open an account with at least $500,000 in cash or securities. Offer terms and conditions can be found here.

Thank you! Your submission has been received!

Thank you for your interest, we'll be in contact with you soon.

Schedule a time
Oops! Something went wrong while submitting the form.

Sign up for Forme's Newsletter

Looking for financial tips and insights curated specifically for physicians? You'll find it in our monthly newsletter, written by our Forme Financial wealth management experts

Thank you

Thank you for signing up for Forme Financial's Newsletter. If you would like to talk to an advisor, schedule a time below.
Schedule a time
Or give us a call
Our advisors are ready and willing to discuss your options now.
914 417 4556
Oops! Something went wrong while submitting the form.