Saturday, January 27, 2007

Taxman not as hungry with the visually impaired

Some older taxpayers may be able to cut their tax bills with very little work.The Internal Revenue Service has special, higher standard-deduction amounts for taxpayers age 65 or older. There is a similar break for the blind, regardless of age.

The option to take these bigger tax breaks is found below the line where you enter your adjusted gross income on the 1040 or 1040A return -- older and visually impaired filers can't use the 1040EZ form.

Here you'll find boxes to check if you or your spouse are older or visually impaired.As with the regular standard deduction, the exact amount of these special deductions depends on your filing status. It could translate into a deduction increase of up to $4,000 for some taxpayers.


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