Once you retire, the process of how you pay taxes may drastically change. Even year to year, the deductions and exemptions available for seniors are apt to change. We work with CPAs that specialize in senior tax breaks to help you take full advantage of the changing tax laws.
Many seniors want to know whether it is better for them to take a standard deduction or itemize exemptions. It depends on how many qualifying expenses you have incurred, but for the most, the standard deduction with bonus senior deduction will exceed their itemized potential.
Seniors with significant out of pocket medical expenses may find it makes sense to itemize. Other deductions for seniors may include investment expenses, business expenses, and charitable contributions. Contributions to a retirement fund (like an IRA) may qualify you for a deduction whether or not you take a standard deduction.