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The so-called golden years can be financially challenging, but state and federal tax breaks can provide some silver linings. Find out what's available. 20 Valuable Tax Breaks for Seniors
For 2022, most married couples will get a standard deduction of $25,100. For single taxpayers and married individuals filing separately, the standard deduction is $12,550.
There are two big changes to this credit. First, the amount of allowable credit has increased substantially. In the past, taxpayers were capped up to $3,000 for child care expenses for one ...
The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years. [4]
Here are the minimum income levels for the top tax brackets for each filing status in 2022:Single: $539,901 (up from $523,601 in 2021)Head of Household: $539,901 (up from $523,601 in 2021)Married ...
The Senior Citizens League also says that had the combined income limits been adjusted the same way tax brackets are every year, as of 2023, the $25,000 level for singles would’ve been $73,000 ...