Tax benefits can help reduce your taxable income and lower the amount of taxes you owe. Understanding these benefits is key to optimizing your finances. Here are the Top 10 Tax Benefits you should be aware of to help maximize your tax savings:
1. Tax-Deferred Retirement Accounts (401(k) and Traditional IRA)
Contributing to tax-deferred retirement accounts allows you to reduce your taxable income in the current year. This means the money you contribute is deducted from your gross income, which can lower the amount of income subject to tax.
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