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Tip number 207 from the book "501 Contractor Tips" emphasizes the importance of understanding taxes and job estimating. It highlights that if you're indifferent towards taxes, you risk losing money. To mitigate this, it suggests learning about tax deductions and utilizing available resources, such as instructional videos, to save money. Moving to job estimating, it advocates for meticulous note-taking. Many contractors tend to take minimal notes while on-site; however, the tip stresses that comprehensive documentation is vital. The author recounts an experience where they took extensive notes compared to a colleague who barely wrote anything, underscoring the value of thorough record-keeping in project assessments.