**Employees should think of these tax strategies before year-end**

**Planning now can save you money on your 2023 taxes**

If you're an employee, there are several tax strategies you should consider before the end of the year. By taking these steps now, you can reduce your tax bill and save money.

**Contribute to a retirement plan**

One of the best ways to reduce your taxable income is to contribute to a retirement plan. Traditional IRA contributions are tax-deductible, meaning you can reduce your taxable income by the amount you contribute.

With a Roth IRA, your contributions are made after-tax, but your withdrawals in retirement are tax-free.

**Make charitable donations**

Charitable donations are another way to reduce your taxable income. You can deduct the amount of your donation, up to a certain limit.

There are several ways to make charitable donations. You can donate cash, property, or securities. You can also volunteer your time to a qualified charity.

**Harvest your losses**

If you have investments that have lost value, you can sell them to harvest your losses. This will allow you to offset your gains and reduce your tax bill.

However, you need to be careful not to sell a stock or fund just to create a loss. You should only sell investments that you no longer believe in.

**Estimated tax payments**

If you expect to owe more than $1,000 in taxes, you may need to make estimated tax payments. Estimated tax payments are due on April 15th, June 15th, September 15th, and January 15th.

By making estimated tax payments, you can avoid penalties when you file your tax return.

**Get help from a professional**

If you're not sure how to make the most of these tax strategies, you can get help from a tax professional. A tax professional can help you develop a plan to reduce your tax bill and save money.