If You Turned 65 Last Year, Consider a Standard Deduction for Your Taxes
If you turned 65 last year, you will receive tax credits. The standard deduction for people 65 and over has increased from $ 6,300 to $ 7,850 for single applicants. If you usually list your deductions, it might be time to revisit them.
Many 65-year-olds have recently retired, so breaking down expenses like travel, home office, and membership fees can be a thing of the past. This means that the $ 1,550 increase in the standard deduction probably makes this an easy but often overlooked choice.
Taking the standard deduction will save you nearly $ 400 in taxes if you fall into the 25% tax bracket, Kiplinger said. Be sure to analyze your situation, talk to a professional if you need to , and make the right choice for you.
Tax breaks overlooked by new retirees | Kiplinger