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Property Tax Deduction. Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes. That. How to greatly reduce taxable income for ? · max out traditional k/B/B which directly lowers taxable income. · max out HSA account. Shifting income from a high-tax-bracket taxpayer (such as yourself) to a lower-bracket taxpayer (such as your child). One fairly simple way to do this is by. Step Subject: Taxable Income; Instruction Year: Add lines 2 and 3. Check the box if using low-income exemption, alternate tax, or tax reduction. When. To qualify for this deduction, you must be age 66 or older with earned income of at least $20, for the taxable year and federal adjusted gross income not in.
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