Tax Breaks for Seniors
Episode description
Ralph Estep, Jr. discusses the best tax breaks for seniors in today's episode of the Ask Ralph show. He highlights tax-saving opportunities such as the extra standard deduction for seniors over 65, spousal IRA contributions, qualified charitable distributions (QCDs), and the Medicare premium deduction. Ralph also suggests exploring state-specific senior tax benefits, downsizing homes to take advantage of capital gains exclusions, and reviewing eligibility for other credits like the Elderly or Disabled Credit. He advises seeking professional advice from experts like Saggio Management Group Inc. to navigate complex tax laws and maximize available tax breaks.
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