By Sean R. O’Connell, CPA/PFS, CGMA
The Internal Revenue Code is a comprehensive body of tax law for the United States. It is organized into different titles, subtitles, chapters, subchapters, parts, and sections, with Section 7874 as its highest numbered section.
As a tax practitioner for the past 38 years, I have served as an advisor and planner for hundreds of American taxpayers, and know the Internal Revenue Code inside and out. To save you the time of reading through over 4,000 pages, I have summarized those Code Sections that, in my opinion, are the Greatest of All Time.
What you may find especially interesting is that all of these G.O.A.T. Code sections are all currently in effect!
Here is my list, in order, of the ten Greatest Code Sections of All-Time:
Questions to ask to determine if one or more of these Code Sections might apply to you include (but are not limited to):
- How can I add funds to a 401(k) or Roth IRA?
- Should I convert my IRA to a Roth IRA?
- Might I contribute money or appreciated property to an exempt organization? Or, to a Donor Advised Fund?
- Should I make energy efficient upgrades to my home or business?
- Could I invest in a 529 account for a child or other family member?
And for business owners:
- Do I need to purchase additional property?
- Should I add equipment before the end of 2023?
If some of these tax strategies aren’t on your radar yet, they probably should be! Schedule a conversation with your tax advisor as soon as possible to find out how to add one (or more) of these G.O.A.T.s to your tax portfolio.
For more information, contact Tax Partner Sean O’Connell, CPA/PFS, CGMA.