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4 Lucrative Tax Deductions That Seniors Often Overlook

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Older Americans have available to them a number of deductions and strategies to cut tax bills and boost savings, but eligibility is often limited. Alex Nabaum

Many older Americans are missing out on valuable tax breaks offered by the IRS, leaving behind savings that could make a difference for their financial well-being. 

“The reason this is happening is because the tax code is complicated, and rules on tax exemptions are constantly changing,” says Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals in Washington, D.C. “This makes it hard for the average taxpayer to know about the array of tax breaks available to them.”

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