Category Archives: Tax Break

Are you 65 or older? Include these tax breaks in year-end planning

Celebrate your 65th birthday with federal income tax benefits. Here are some of the breaks available once you reach age 65. Higher standard deduction. Your standard deduction is the sum of the basic standard deduction plus an additional standard deduction if you are age 65 or older at the end of the tax year. You are considered to be 65… (more…)

Managing AGI could protect tax breaks

How close to the edge are you when it comes to tax phase-outs? As you begin your fall tax planning, consider the effects of these benefit-limiting provisions. Knowing how close you are to the “edge” can help preserve tax breaks for 2015. Many phase-outs are based on modified adjusted gross income, or MAGI. MAGI is the adjusted gross income shown… (more…)