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Submitted By: someone
Answered: March 1, 2021 9:02 pm
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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
