In Episode 16, one strategy for reducing financial risk that I mentioned was tax planning. In this episode, I wade a little deeper into smart tax planning, and how it can be a powerful tool for reducing risk as a solopreneur.

I cover the role of tax planning in a risk mitigation strategy, understanding tax deductions and tax credits, income timing and expense bunching, and also touch lightly on business entity structure.  There is also emphasis placed on the importance of professional guidance.

Sources

• National Association of Tax Professionals, "The Impact of Professional Tax Advice on IRS Audits," 2023.
• IRS.gov, "Home Office Deduction: The Basics."
• SmartAsset.com, "Tax Strategies for Self-Employed Individuals," 2023.
• Nolo.com, "Choosing the Best Business Structure for Your Small Business."

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

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