Special tax breaks benefits seniors Getting older may have gotten a little better, thanks to a bonus from the government. Taxpayers turning the age of 65 are entitled to a larger standard deduction on their tax return. For single taxpayers, that translates into an additional $1,200 and an additional $950 for married taxpayers.
For taxpayers who are 65 years and older, the standard deductions (with the age -65 bonuses added in) are as follows for 2004 tax returns:
* $6,050 for single filers
* $8,350 for heads of household
* �$10,650 for joint filers if one spouse qualifiers ($11,600 if both spouses qualify)
* $10,900 for qualifying widows and widowers
* $5,800 for married individuals filing a separate return
"It's important that all taxpayers get every credit and deduction they are entitled to receive," says Steve Amerine, owner of H&R Block.
"It's especially important for those taxpayers at retirement age or already living on a fixed income. That's where it pays to seek professional help in tax preparation.