Maximize Your 2023 Tax Savings: Seniors’ Edition

Business

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By Rajiv

January 23, 2024

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Age Advantage: Extra deductions for seniors born before Jan 2, 1959

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Blind but Brighter: Amplified deductions for legally blind seniors

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Double Trouble: $30,700 total deduction for married seniors over 65

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Eye-Opening Additional: Extra $3,700 deduction for single, blind seniors over 65

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Marital Bliss: Additional $3,000 deduction for married, blind seniors over 65

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Beyond Basics: Standard deductions for singles, households, and married individuals

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The 90% Majority: 90% Americans prefer standard deduction in tax planning

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To Itemize or Not?: IRS insights on itemizing deductions vs standard deduction

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Major Life Events: Property transactions indicate choice between deduction types

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Power of Pocketing: Seniors reduce taxable income for smaller tax bills