Tax Tips for Seniors

Posted on May 26th, 2015 | by      

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If you are a senior, one of the things that you might wonder about is taxes.  Taxes can be difficult for people who are older to know what you should do and how to handle them. So this post will help seniors with their taxes. Here is one of the tax tips from the article.

2. Check to see if you are entitled to a higher standard deduction

A common error made by taxpayers age 65 and older is to not take a higher deduction on their taxes, according to the IRS. If you do not itemize deductions, you are entitled to a higher standard deduction if you and/or your spouse are age 65 and older by the end of the year. However, because they are considered age 65 on the day before their 65th birthday, individuals can take a higher standard deduction for 2012 if they were born before January 2, 1948.

Additionally, a higher standard deduction is available to those who are blind on the last day of the year and did not itemize their deductions. Individuals who are totally or partially blind can qualify for this benefit.

For more information on deductions for seniors, please visit the IRS website.

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