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Tax deductions to lower your tax bill in 2023

Updated: Jul 13, 2023

As a self-employed individual, it's important to take advantage of tax deductions to reduce your tax bill. Here are some deductions that you can consider for the year 2023:

  • Home office expenses

  • Business insurance premiums

  • Advertising and marketing expenses

  • Travel expenses for business purposes

  • Deductible meals and entertainment expenses

  • Retirement plan contributions

  • Health insurance premiums

  • Business-related education and training expenses

  • Business-related legal and professional services

  • Business-related software and technology expenses

  • Vehicle expenses for business purposes

  • Supplies and materials needed for your business

  • Charitable contributions made through your business

  • Business-related bank fees and interest charges

  • Rent or lease payments for business property

  • Depreciation of business assets

  • Miscellaneous expenses related to your business

By taking advantage of these tax deductions, you can lower your tax bill and keep more of your hard-earned money. Be sure to keep accurate records and consult with a tax professional to ensure that you are maximizing your deductions while staying within the bounds of the law.

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