With age comes wisdom — and certain age-based tax breaks. This article highlights some tax strategies and breaks that are likely to benefit older taxpayers, including retirement account catch-up contributions, IRA qualified charitable distributions, gifts of highly appreciated assets and medical expense deductions. It also explains how to take advantage of today’s generous unified federal gift and estate tax exemption, while you’re still alive.
Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks. Here are the details. Read more