Reported 2 months ago
As retirees plan for their finances, understanding available tax breaks is essential. This article outlines eight significant tax benefits for seniors in 2024, including larger standard deductions, elimination of early withdrawal penalties from retirement accounts, and increased Health Savings Account limits. It also discusses credits like the Elderly Credit, IRA deductions, and strategies for optimizing tax efficiency. By leveraging these breaks and planning strategically, retirees can effectively manage their income and minimize tax liabilities.
Source: YAHOO