9 Valuable Tax Breaks Retirees Should Know About

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Deduct Medicare Premiums

From a financial point of view, retirement is not easy at all. Maybe that’s why most retirees choose to become self-employed.  If you’re also one of them, you can easily deduct the Medicare premiums you pay for as soon as you leave your job. You can also deduct the cost of your Medicare Advantage plan.

The best part? You can take advantage of this duction whether or not you itemize. Ahh, and it’s not subject to the 7.5 percent of your AGI either. There’s a trick, though: You can’t claim this type of deduction if you’re not covered under an employer-subsidized health plan.

This plan could be offered either by your employer or your spouse’s employer in case he/she has a plan coverage for the entire family.

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