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What are ways people can reduce their tax bill?

Taxpayers can reduce their tax bill by maximizing contributions to their 401k or other retirement funds before the April 15 deadline, which provides pre-tax benefits for the 2024 tax season. This is a key opportunity that's still available. Additionally, given potential IRS staffing changes mentioned by Trump, including cutting staff or reassigning agents to border duties, it's advisable to file taxes as early as possible. Filing promptly ensures taxpayers receive assistance before any potential reduction in IRS services occurs.

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TRANSCRIPT

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04:03

From

Reducing Tax Bills: 401k Contributions and IRS Insights

CBS News·8 months ago

Answered in this video

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00:17

Who can still claim home office deductions after the 2018 tax reform?

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00:26

Who can claim home office deductions now?

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00:32

What home office expenses can I deduct on my taxes if I work from home?

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00:18

Can self-employed individuals deduct their health insurance premiums for their family members when filing taxes?

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00:07

What is the maximum amount you can deduct using the simplified home office deduction method?

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