According to an article from USNews.com, more tax breaks are given once you become over the age of 50, and even more so after 65. “Workers over 50 can also defer or avoid taxes on more money using retirement and health savings accounts.”
The following are some areas that the article focuses on where you can take advantage of tax breaks as you age (and in this day and age, we can use whatever help we can get!).
- Bigger standard deduction
- Higher tax-filing threshold
- Property tax breaks
- Credit for the elderly or disabled
- Additional IRA deduction
- 401(k) catch-up contributions
- No more early withdrawal penalty
- Avoid tax on required minimum distributions
- Higher HSA contribution limit
- Free tax help
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Marissa Tiongson
Marissa Tiongson works as a senior living consultant at Tender Home Health. Since 2010, she has gained a wealth of knowledge from all streams of medical professionals and has used this knowledge to help patient care in both the agency and the community. Currently, she is learning more about the home care sector of healthcare to help the aging community find a better home environment.
