Credits and Deductions for Senior Retirees

There are several tax credits and deductions that can help senior retirees save money on taxes. Here is the list:

    1. Higher Standard Deduction

First of all, you should know that if you are claiming the standard deduction rather than itemizing, you are entitled to a higher standard deduction if you were 65 or older by December 31 of the tax year for which you are reporting. If you are itemizing deductions, then you should be aware of the following deductions that you may be able to take...Click here to read more.