Seniors and retirees, make sure you’re not missing any of these tax breaks
A client reviews a brochure during nonprofit Ladder Up’s Tax-A-Thon event
Nearly all taxpayers would like to reduce their tax bill this April, but that may be particularly true for seniors and retirees who may be living on a fixed income.It’s especially important for older Americans to reduce their taxable income as much as possible because doing so can also reduce the amount they must pay for Medicare Part B and Part D premiums. Medicare premiums are based on your taxable income from two years prior and increase when you move from a lower income bracket to a higher one.Fortunately, there are several tax breaks that can help older Americans reduce their taxable income and the amount they fork over to Uncle Sam every year.“Congress and the states have made the decision to make these tax breaks available to seniors,” says
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