Tax Benefits for Older Taxpayers

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Did you know you may be eligible for an additional standard deduction amount if you are 65 years old or older?  The IRS allows you to add $1,450 to your standard deduction if you are Single or Head of Household.  The additional deduction amount per person 65 or older if you are Married Filing Jointly or Qualifying Widow is $1,150.

Another tip for older taxpayers is to claim the credit for Child and Dependent Care Expenses if you must have home health care or an elder service come to your home to care for your spouse while you work.  The credit can be as high as $1,050.  If the care provider is providing health care, you can claim the remaining cost as a medical expense. 

For more information, contact your local Jackson Hewitt office.