--- title: Year-end tax planning strategies description: Now is the time for some proactive tax planning to lower your tax bill. Here are six, tax-planning tips business owners should consider at year-end. image: https://media.insognacpa.com/hubfs/tax%20brackets.png --- [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) Content Title Description < Previous page Next page > [Why Us](https://insognacpa.com/why-us) | [Business Accounting](https://insognacpa.com/business-accounting) | [Fractional CFO](https://insognacpa.com/fractional-cfo) | [Minimizing Taxes](https://insognacpa.com/tax-strategy/) [Building Wealth](https://insognacpa.com/building-wealth) | [Learning Center](https://insognacpa.com/learning-center)| [Contact Us](https://insognacpa-6129290.hs-sites.com/en-us/contact-us) [Tax](https://media.insognacpa.com/blog/tag/tax) [Business Tax](https://media.insognacpa.com/blog/tag/business-tax) # What are some year-end tax planning strategies I should know? By [Chase Insogna, CPA](https://media.insognacpa.com/blog/author/chase-insogna-cpa) Mar 6, 2023 2:10:19 PM 1 Minute Read Have you begun your year-end tax planning process yet? The fourth quarter is the time for proactive tax planning to lower your tax bill. For business owners, tax planning shouldn’t be a once-per-year exercise. ## Tax Planning Tips Here are six, tax-planning tips to consider before year-end. - **Review your business entity setup** (see [What’s the best business formation setup in this booklet](https://insognacpa.com/wp-content/uploads/2021/11/Insogna_YE_tax_planning_Guide.pdf)). As your business grows, your structure (entity) may change. - Review your retirement plan. Slash taxes by establishing a retirement plan such as a SERP IRA, Solo 401(k), or a combination of a 401(k) with a [defined-benefit pension plan](https://www.forbes.com/advisor/retirement/best-retirement-plans/) (see [How can I maximize tax savings using my retirement account in this booklet](https://insognacpa.com/wp-content/uploads/2021/11/Insogna_YE_tax_planning_Guide.pdf)). - **Home office deduction.** This valuable tax break can save hundreds, or even thousands, of dollars in taxes each year. - **Avoid shoebox bookkeeping.** Track income and expenses throughout the year using a cloud-based tool your accountant can access. - **Claim first-year, [80% bonus depreciation](https://tax.thomsonreuters.com/en/glossary/bonus-depreciation)** on new property acquired and placed in service during 2021. If you’re having a big income year, consider moving up big purchases before year-end ([see Should I buy equipment for year-end in this booklet](https://insognacpa.com/wp-content/uploads/2021/11/Insogna_YE_tax_planning_Guide.pdf)). - **Proactive tax planning.** For the tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly). Be proactive in your tax planning. If you expect to be in the [same or lower tax bracket next year](https://www.forbes.com/advisor/taxes/taxes-federal-income-tax-bracket/), try to defer some income from this year to next year. If you expect a higher tax bracket, accelerate income in 2022 or delay deductions until 2023. ## More Tips Don’t miss out on other tax tips. Download our new, [Year-End Tax Planning Guide](http://insognacpa-6129290.hs-sites.com/year-end-tax-planning-guide) for business owners.  ## Recommended For You [![tax planning process](https://media.insognacpa.com/hubfs/tax-planning-banner.png)](https://media.insognacpa.com/blog/tax-planning-vs-tax-preparation) [Business Tax](https://media.insognacpa.com/blog/tag/business-tax) 3 Min Read ### [Tax Planning vs. Tax Preparation](https://media.insognacpa.com/blog/tax-planning-vs-tax-preparation) [Chase Mar 6, 2023 3:36:09 PM](https://media.insognacpa.com/blog/author/chase) [![smart year-end tax moves](https://media.insognacpa.com/hubfs/YE-tax-moves.png)](https://media.insognacpa.com/blog/smart-year-end-tax-moves) [Tax](https://media.insognacpa.com/blog/tag/tax) [Individual Tax](https://media.insognacpa.com/blog/tag/individual-tax) [Tax-Deductions](https://media.insognacpa.com/blog/tag/tax-deductions) 1 Min Read ### [The Power 8: Smart Year-End Tax Moves!](https://media.insognacpa.com/blog/smart-year-end-tax-moves) [![Picture of Chase Insogna, CPA](https://media.insognacpa.com/hubfs/Chase-Insogna-1024x1024.png) Chase Insogna, CPA Dec 7, 2023 3:16:23 PM](https://media.insognacpa.com/blog/author/chase-insogna-cpa) [![Maximizing Tax Benefits: Inflation's Surprising Impact on Federal Tax Breaks](https://media.insognacpa.com/hubfs/inflations-impact-federal-tax-breaks.png)](https://media.insognacpa.com/blog/maximizing-tax-benefits-inflations-surprising-impact-on-federal-tax-breaks) [Tax](https://media.insognacpa.com/blog/tag/tax) [Tax-Deductions](https://media.insognacpa.com/blog/tag/tax-deductions) 3 Min Read ### [Maximizing Tax Benefits: Inflation's Surprising Impact on Federal Tax Breaks](https://media.insognacpa.com/blog/maximizing-tax-benefits-inflations-surprising-impact-on-federal-tax-breaks) [![Picture of Chase Insogna, CPA](https://media.insognacpa.com/hubfs/Chase-Insogna-1024x1024.png) Chase Insogna, CPA Jun 23, 2023 1:37:50 PM](https://media.insognacpa.com/blog/author/chase-insogna-cpa) Insogna CPA 3355 Bee Cave Road, Suite 503 Austin TX 78746 (512) 891-8200 - [Contact Us](https://insognacpa.com/contact-us/) - [Customer Reviews](https://insognacpa.com/testimonials-and-reviews/) - [Careers at Insogna CPA](https://insognacpa.com/careers/) - [Privacy Policy](https://insognacpa.com/privacy-policy/) - [Texas Board of Accountancy License](https://www.tsbpa.texas.gov/php/fpl/frmlookup.php?x=T71ujVIEr%2Fg%3D) [Follow us on Facebook](https://www.facebook.com/InsognaCPAs) [Follow us on LinkedIn](https://www.linkedin.com/company/insognacpa-com/) [Follow us on Twitter](https://twitter.com/InsognaCPA) [Follow us on Instagram](https://www.instagram.com/insognacpa/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Chase Insogna, CPA", "url" : "https://media.insognacpa.com/blog/author/chase-insogna-cpa" }, "dateModified" : "2023-08-01T19:56:03.573Z", "datePublished" : "2023-03-06T20:10:19.000Z", "headline" : "Year-end tax planning strategies", "image" : [ "https://media.insognacpa.com/hubfs/tax%20brackets.png" ], "mainEntityOfPage" : { "@id" : "https://media.insognacpa.com/blog/year-end-tax-planning-strategies", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://media.insognacpa.com/hubfs/InsognaLogoSite2020.png" }, "name" : "Insogna CPA" } } ```