For some seniors citizens, the upcoming tax season may turn into one filled with savings, provided they are familiar with certain tax laws, according to the Associated Press.
The newspaper states that even with the turbulent stock market, there are plenty of opportunities for seniors to benefit from their financial losses because of the economy.
By using capital losses, seniors who lost more than $3,000 in investments can carry that amount forward, which can be applied toward future gains, according to the article.
Seniors are also urged by the news provider to compare standard and itemized deductions to see which would provide more of a financial gain.
California tax attorney Roni Deitch said many seniors leave deductions "on the table because they are not familiar with basic tax laws."
Those who may not have the same grasp of finances and of filing taxes as others may want to take advantage of AARP's free volunteer tax help program at more than 7,000 locations around the country. The program gives special attention to those aged 60 years and older who require help.