The end of year 2023 is coming. What tax strategy can I use to save money on taxes for 2023?

Starting a business before the end of the year.

Starting a sole-proprietor is the easiest and simplest startup. The best part about sole-proprietor is there are ZERO filings ($0 cost). In other words, people can create a business without any money coming in and still get deductions for expense. Here is how Sole proprietor works for a person who just gets a W-2 for the year.

The first step is to tell the tax website that you're an independent contractor. Then they will ask you: "what are business expense?" "Whether you rent or own a home?" "Do you have a home office?" This is where the taxpayer can get some tax relief. Sole proprietors (Independent Contractors) can have a loss "3 out of every 5 years". As long as you purchased cell phone, utilities, rent, computer, internet, software, and tools for the business, They qualify for the deduction.

Sole-Proprietor business also can get a deduction on the amount of cre

Owning a Individual Investment Account.

By Owning a Individual investment account people can get investment losses (Capital losses) and foreign invesmtent credit.

Here is the catch