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

When preparing your taxes, several strategies can help reduce the amount of taxes you owe:

1. Tax Deductions: These reduce your taxable income. Common deductions include mortgage interest, student loan interest, and medical expenses.

2. Tax Credits: These directly reduce the amount of tax you owe. Examples include the Child Tax Credit, Earned Income Tax Credit, and education credits.

3. Retirement Contributions: Contributing to retirement accounts like a 401(k) or IRA can lower your taxable income.

4. Health Savings Account (HSA) Contributions: Contributions to an HSA are tax-deductible and can be used for qualified medical expenses.

5. Charitable Donations: Donations to qualified charities can be deducted from your taxable income.

6. Business Expenses: If you are self-employed, you can deduct business-related expenses.

7. Education Expenses: Certain education-related expenses may qualify for deductions or credits.

8. State and Local Taxes (SALT) Deduction: You can deduct state and local taxes paid, although there is a cap on this deduction.

9. Tax Loss Harvesting: Selling investments at a loss to offset capital gains can reduce taxable income.

By utilizing these strategies, you can potentially lower your tax liability. It's important to consult with a tax professional to ensure you're maximizing your tax benefits and complying with tax laws.