The new, temporary senior deduction gives taxpayers 65 and older who fall within income limits the opportunity to deduct up ...

The SALT cap increases to $40,000 for 2025 — up from $10,000 in 2024. The maximum deduction phases down at higher income levels starting at $500,000 in adjusted gross income for 2025 and the benefit ...

On the individual income-tax return, known as Form 1040 or 1040-SR for seniors specifically, taxpayers simply have to check that they are 65 or older. The Internal Revenue Service will then ...

Another method to see if your Social Security benefits are taxable is to look at your combined income, which includes your ...

Before you start socking away money for retirement, you'll need to pick an account type. But choose wisely -- because it'll shape your tax bill today and potentially decades from now.

Tipped workers can deduct up to $25,000 in "qualified tips" as part of the "No Tax on Tips" initiative. The IRS defines ...

While many households will see higher refunds this year, they may be far smaller than promised and offset by higher tariffs ...

The One Big Beautiful Bill (OBBB) Act that President Trump signed into law last July implemented multiple changes to the tax code, including for seniors. One notable change is a new $6,000 deduction ...

Tax season is fast approaching and several tax policy changes impacting older Americans will be in effect when seniors go to file their returns. The enactment of Republicans' One Big Beautiful Bill ...

A new, temporary 'senior bonus' will enable many taxpayers age 65 and older to deduct up to $6,000 in income from their federal returns. You must file a new Schedule 1-A. The new enhanced deduction ...