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Want to reduce your taxes? Here’s how – Tips to reduce your 2014 taxes

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Tips to reduce your 2014 taxes

One rueful lesson of tax season: Some deductions require lots of advance planning. Homeowners willing to do the legwork now can find some creative ways to lessen their tax bills next year. Jumbo-mortgage holders can only deduct annual interest payments on up to $1 million of debt that they take to buy, build or improve a home.

They can also deduct interest on up to $100,000 of equity-line or equity-loan debt.

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