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Common tax-saving methods for individuals and households include contributing to retirement accounts like 401(k)s or IRAs, which can reduce taxable income. Tax deductions for mortgage interest, property taxes, and charitable donations also help lower taxable income. Additionally, taking advantage of tax credits, such as the Earned Income Tax Credit or Child Tax Credit, can directly reduce the amount of tax owed. Lastly, utilizing Flexible Spending Accounts (FSAs) or health savings accounts (HSAs) can provide tax benefits on medical expenses.

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