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In the video tutorial, Brennan from Bench explains that as the year is coming to an end, tax season is approaching and people are looking for ways to pay the smallest amount possible in taxes. He suggests taking advantage of deductions when filing taxes using Form 1040, which can help save money on tax bills. Sole proprietors, contractors, and freelancers can benefit from understanding the deduction choices available to them. For more information, viewers can refer to links provided in the video description to Bench blog posts.