6 Secret Tax Deductions Seniors Are Missing Out On
Navigating the world of taxes can be a daunting task, especially for seniors who may not be aware of the numerous deductions available to them. While many seniors focus on saving money through balance transfer strategies or by using the top tax software, they might be overlooking some valuable tax deductions. Here are six secret tax deductions that seniors often miss, which could potentially save them a significant amount of money. 1. Medical and dental expenses Seniors often have higher medical and dental expenses, and the good news is that many of these costs can be deducted. If your medical and dental expenses exceed 7.5% of your adjusted gross income, you can deduct the excess. This includes everything from doctor visits and prescription medications to long-term care and even certain home modifications for medical purposes. Don’t forget to keep those receipts and records to maximize your deductions! 2. Charitable contributions Many seniors are generous with their time and money, often donating to charities. What some may not realize is that these charitable contributions can be tax-deductible. Whether you’re donating cash, goods, or even volunteering your time (mileage driven for volunteer work can be deductible), these acts of kindness can help reduce your taxable income.