When preparing your taxes, what can possibly help reduce the amount of taxes that you owe?

Question: When preparing your taxes, what can possibly help reduce the amount of taxes that you owe?

There are several ways to reduce the amount of taxes you owe when preparing your taxes. You can make contributions to a retirement account, such as a traditional IRA or 401(k), to lower your taxable income. You may also be able to claim deductions for expenses such as mortgage interest, charitable donations, and medical expenses. Tax credits, such as the earned income credit or child tax credit, can also lower the amount of tax you owe. It's important to consult with a tax professional or use tax preparation software to ensure that you are taking advantage of all possible deductions and credits.

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