KEY TAKEAWAYS The 'One Big Beautiful Bill' is expected to create serious tax savings and increase refunds when taxpayers file their 2025 taxes this year.These changes, however, cut into Social ...
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 enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.
The 2026 tax season can be summed up in two words: Complexity and cash. Many can expect bigger refunds, but detailed rules apply to many tax breaks.
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