8 Tax Deductions Most Seniors Don’t Know About

Medical expense deduction

There’s also a high potential for tax-deductible medical expenses, especially for retirees. For instance, you have the option to itemize and deduct specific medical bills. Retirees who are currently dealing with expensive healthcare might receive some tax savings.

You might be allowed to deduct the vast majority of medical expenses that exceed 7.5% of your adjusted gross income. Even if you can’t deduct the usual health expenses, like vitamins and health club dues, you might be able to deduct some of the most professional medical fees, like those paid by a doctor or a dentist.

Also, you might be able to deduct prescription drug costs, therapy, the costs of glasses and orthodontic appliances, other small expenses (parking fees), health insurance premiums, but also additional costs of senior care.