8 Fabulous Year-End Tax Planning Moves For The Self-Employed

It may feel like you just filed your 2022 taxes, but now is the time for you to lower your 2023 tax bill. Year’s end will be here before you know it, and this is the deadline for several valuable tax-planning strategies available to the self-employed. If you don’t want to leave the IRS a considerable tip, keep reading about how to lower your 2023 tax bill.

The higher your income, the more valuable proactive tax planning can be, especially for those in high-tax states like California, with a top state tax rate of 13.3 percent. This is on top of the current highest federal tax bracket of 37 percent. Sadly, many business owners work to get their taxes filed and, for the most part, skip over any opportunities to implement tax-minimizing strategies.