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In this video tutorial, Brennan from Bench explains that with the approaching end of the year comes tax season, and the question on everyone's mind is how to pay the smallest amount possible in taxes. He suggests that sole proprietors, contractors, and freelancers filing taxes using form 1040 can take advantage of deductions to reduce their tax bill. By understanding how deductions work and making informed choices, individuals can save money on their taxes. Links to additional information are provided in the video description for further reading.