How to Lower Your Taxes

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Lowering taxes owed can be done by taking every allowable deduction, whether it be related to work, family, property ownership or car registration. Research the allowable deductions to lower your taxes with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
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Video Transcript

On this segment we'll talk about how to lower your taxes. The basic way to lower your taxes is to take every allowable deduction. If it's work related, it's going to go on that schedule C. All of the deductions that have to do with your work. If you own your own home, you can take deductions on schedule A. That gives you all the interest and the taxes paid, your car registration, your charity donations and your medical expenses plus work related expenses. You don't have to own your own home to file a schedule A, it just makes it easier to get in to the schedule A itemized deductions. Very often your standard deduction will be higher than those expenses unless you have property taxes or interest on your home. Thank you very much.

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