Submitted By: someone
Answered: March 1, 2021 9:02 pm

Is there any age break for avoiding federal income taxes?

Seniors generally are subject to the same tax rules as other individuals when it comes to reporting income and claiming deductions and credits. However, those age 65 and older can claim an additional standard deduction amount, which reduces the tax bill for seniors.

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Tax Glossary

Revocable trust

A trust that may be changed or terminated by its creator or another person. Such trusts do not provide an income tax savings to the creator.

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