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Ways to Lower Your Taxes in Retirement
Retirees who file their taxes quarterly may feel like every season is tax season, but preparing for the April tax deadline is a good time to seek out new deductions and plan some strategies for the year ahead. You might be hitting a tax sweet spot, a period of relatively low income because you’ve retired but not yet started collecting Social Security or taking distributions from retirement accounts. If so, now might be a great time to take some money out of the deferred accounts, even if you don’t need to spend it right away. And if you’re 65 or older, medical expenses must equal just 7.5 percent of your adjusted gross income (not the 10 percent for younger taxpayers) to qualify for the medical and dental expenses deduction. Here are some more tips: Read More…