If you are over 50, there is good news – – you may be able to take advantage of certain tax credits and tax deductions to lower what you owe Uncle Sam.  Even though some of these tax breaks are available to all taxpayers, as we age and retire some expenses and costs (i.e. medical expenses) increase.  These added expenses could mean a lower tax bill if you itemize your tax deductions rather than taking a standard deduction.  Speaking of standard deductions, do not forget that those over the age of 65 get an additional deduction on top of their standard deductions.

For more on this topic read, “Top Seven Senior Tax Breaks.”