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As it does each year, the IRS implemented inflation adjustments to several important credit and deduction amounts for 2025. This includes (but isn’t limited to) new 2025 income tax brackets...
Seniors age 65 and older can now take an additional $6,000 deduction on top of their standard or itemized deductions, based on changes from the One Big Beautiful Bill. The new deduction for seniors over 65 will start ...
New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seni...
Tax planning strategies for seniors Itemizing vs. standard deduction What tax preparers should expect this filing season What is the new Social Security tax deduction? The OBBBA provides a new deduction capped at $6,0...
Standard deduction amounts increased for 2025 New $6,000 bonus deduction for seniors age 65 and older Deduction for tip income up to $25,000 Deduction for overtime pay up to $12,500 for single filers or $25,000 for jo...
The table below outlines the standard deduction for 2025, including the extra benefit for seniors. The additional deduction applies separately to each spouse if both are 65 or older, which means married couples can re...
In this exhaustive guide, we will break down every single component of the 2025 standard deduction for seniors. We will explain the three separate parts of your new deduction, show you exactly how the new $6,000 bonus...
Adults 65 and older may qualify for a new $6,000 deduction, in addition to existing standard deductions. The deduction phases out for incomes above $75,000 (single filers) or $150,000 (joint filers). It applies regard...
What is the additional deduction for seniors in OBBB? OBBB permanently extends the doubled standard deduction from TCJA. It also provides an extra $750 to the standard deduction for single taxpayers and $1,500 for mar...
Beginning in 2025, taxpayers aged 65 or older will be eligible for a new $6,000 federal tax deduction. This deduction is designed to reduce taxable income and is stacked on top of the standard deduction and the existi...
