Categories: Mind & Soul

14 Valuable Tax Breaks for Seniors

STANDARD DEDUCTION

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.

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