Not too late to save on taxes before end of year

Despite the uneven economy this past year, there are still ways for senior citizens to save a significant amount of money on their upcoming 2008 income taxes.

"Senior citizens are being squeezed like never before and need to take advantage of any savings available to them. With a few savvy moves, senior citizens can save themselves hundreds or even thousands of dollars in income taxes," said Eric Bachman, founder and CEO of Golden Gateway Financial, a financial resource for seniors and retirees.

Not too late to save on taxes before end of year

Bachman said seniors age 65 and over are allowed to take an additional deduction worth $1,350 for single filers or $2,100 for a married couple.

Those who lost in the stock market (did anyone really have a good year?) may want to claim their losses before the end of the year, suggests Bachman. Seniors can claim up to $3,000 in losses per year, which will reduce taxable income.

Finally, Bachman said seniors or retirees with outstanding medical bills may want to pay them before the start of 2009. This includes supplemental health insurance, doctor bills, hospital bills and prescription drugs. Seniors can also deduct mileage traveled for doctor visits.

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