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Let's say you earned $50,000 last year and put $5,000 into your 401k. For tax purposes, it is as if you only earned $45,000.
It lowers your taxable income, which means you will owe less taxes before you start taking off your deductions. 401k has saved me from have to pay "the man" a couple of times recently.
It lowers your taxable income, and quite possibly the amount of taxes you will pay on April 15
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