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After spending decades working hard and saving diligently, you should be able to fund the retirement you deserve. But your savings could be seriously eroded through taxation. Luckily, there are some tax-savvy moves you can make to ease the burden.
So let’s take a closer look at some of the hidden tax breaks for seniors that you don’t want to overlook.
Enhanced Senior Tax Deduction
If you’re 65 or over, you can claim the new enhanced deduction for seniors of up to $6,000 for single filers or $12,000 for those eligible who are married and filing jointly. However, the deduction begins to phase out when Modified Adjusted Gross Income (MAGI) exceeds $75,000 for single filers and $150,000 for those married filing jointly.
Javier Simon is a freelance personal finance writer for The Epoch Times. He specializes in retirement planning, investing, taxes, fintech, financial products and more. His work has been featured by major publications including Fox Business, The Motley Fool, NerdWallet, and Money Magazine.
