Filing Tips for Older Taxpayers: Save money by avoiding common mistakes on your tax return
The economy and volatile nature of the stock market have created financial challenges for many older taxpayers. If you feel like there's been an assault on your retirement nest egg, you're not alone. Here are ways to save money at tax time and avoid common filing mistakes that can cost you.
Take a higher standard deduction
If you don't itemize deductions, the IRS gives you a standard deduction amount that reduces your taxable income. For single and married filers, the deduction amounts are $5,700 and $11,400, respectively. If you're 65 or older, don't forget to claim an additional deduction of $1,100 for joint filers ($1,400 if single). Joint filers in this situation can reduce their taxable income by
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