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Higher standard deduction, other breaks for older taxpayers
You’ve downsized to an apartment, the kids are long gone, and you’re no longer eligible for some of the deductions and exemptions that had helped you lower your tax bill.
Jackie Perlman, principal tax research analyst of the Tax Institute at H&R Block, poses for a photograph at H&R Block offices in Kansas City, Mo. There is a small tax credit for low-income seniors, which Perlman said is not widely used. “It might be helpful for someone who neither contributed to the Social Security system nor never married.”
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