"Maximizing Tax Deductions for Older Adults in 2023: A Step-by-Step Guide"
Senior citizens aged 65 and older are eligible for an extra standard deduction on their 2023 taxes, which can reduce their taxable income and lower their tax bill. For 2023, the additional amounts are $1,850 for single or head of household and $1,500 for married taxpayers, with higher amounts if the individual is also blind. This is on top of the regular standard deductions, which vary based on filing status. Nearly 90% of Americans take the standard deduction, but itemizing could be more beneficial if one has had significant expenses or life events.
