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2022 Year-End Tax Planning Letter

As we near the end of 2022, it is important to look at your tax and financial plans and consider steps that can be taken to reduce taxes and help you save for your future. Although there has been
a lot of political attention to tax law changes, inflation, and environmental sustainability, political compromise has led to smaller impacts on taxes this year. However, with the passage of the
Inflation Reduction Act and CHIPS Act this year, there are new incentives for you to consider.There are also several tax provisions that have expired or will soon.

The IRS continues releasing guidance on various important tax provisions. We closely monitor new tax legislation and IRS releases. Please call our firm if you want an update on the latest tax
legislation, IRS notifications, announcements, and guidance or if you need additional information concerning any item discussed in this letter.

For your convenience, the letter is divided into two sections:

Although this letter contains planning ideas, you cannot properly evaluate a particular planning strategy without calculating the overall tax liability for the business and its owners
(including the alternative minimum tax) with and without the strategy. In addition, this letter contains ideas for federal income tax planning only. State income tax issues are not
addressed. However, you should consider the state income tax impact of a particular planning strategy. Please call our firm before implementing any tax planning technique
discussed in this letter.

Hughes Pittman & Gupton, LLP