14 Valuable Tax Breaks for Seniors
With age comes wisdom, as well as certain tax breaks. While seniors often face lower income and higher expenses (think health care and assisted living), there are also numerous federal and state rules aimed at easing their tax burden. Here are some tax breaks to remember during the golden years.
People who take the standard deduction on their federal tax returns instead of itemizing enjoy a little bump in that line item when they turn 65. Single taxpayers 65 and older can deduct an additional $1,550; for couples, the increase is $1,250 if one spouse is 65 or older and $2,500 if both spouses are at least 65.
Related: 13 Retirement Mistakes to Avoid