2. Additional Standard Deduction
Less Taxable Income = More Money in Your Pocket
5 Tax Breaks for 50+: Who doesn’t love paying less in taxes? The standard deduction is a gift from the IRS that lowers your taxable income. But if you’re 65 or older, the IRS gives you an extra boost to your deduction—another reason to celebrate your 50s!
In 2024, if you’re over 65, you’ll get an extra $1,500 in deductions if you’re single or $2,900 if you’re married and filing jointly. This means more of your income is tax-free.
Imagine this: If you’re a single filer over 65, you could claim a total standard deduction of $29,200! That’s a big chunk of your income that won’t be taxed.
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