The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.

OBBBA has introduced a ‘Seniors Deduction’ for retirees over 65, of up to $6,000 for individuals ($12,000 for couples), in 2026 tax filings.

The promise of financial relief for seniors has arrived, packaged in the form of a new tax deduction. Roughly 34 million ...

The new $6,000 deduction goes into effect for the 2025 tax year and will continue through 2028 for those aged 65 and older.

The bonus reduction will add $670 to the after-tax income of seniors on average.

Retirees can save more by claiming often-overlooked tax deductions. Explore 12 key write-offs that may lower your tax bill ...

Most people claim the standard deduction on their federal tax return instead of itemizing deductions. How much can you claim?

Every year, as you file your federal income tax return, you have an important decision to make: itemize, or take the standard ...

With the 2026 standard deduction soaring to $32,200 for joint filers and SALT cap changes, should you still itemize? We break down the pros and cons.

The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary ...