Tax Breaks That Let Older Americans Pay Less Taxes

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Seniors have several ways to lower taxable income and pay less taxes than others not in the same age range. These tax breaks enable them to keep more money in their pockets when they are no longer in the workforce or only part-time.

While some senior benefits are available to reduce taxes if you are over 50, many more are accessible after they reach 65. Here is a look at several benefits that can help you reduce taxes.

Take the Extra Standard Deduction

If you are 65 or older, you can reduce taxes by claiming an extra standard deduction. Although you can already claim the standard deduction, you can also claim an extra tax deduction for over 65.