Are you 65 or older? Include these tax breaks in year-end planning
Mitchell & Nemitz, PA
December 15, 2015
Higher standard deduction. Your standard deduction is the sum of the basic standard deduction plus an additional standard deduction if you are age 65 or older at the end of the tax year. You are considered to be 65 on the day before your 65th birthday. For your 2015 tax return, you can add an extra $1,550 to your standard deduction if you're single. If you and your spouse are both 65 or older, your combined extra deduction is $2,500.