Many people will be thrilled to see larger-than-usual federal income tax refunds — some may end up $500 to $1,000 bigger than ...

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

You can only claim the new senior tax deduction if you were 65 or older at the end of 2025. You must also provide your Social Security number on your tax return and have a modified adjusted gross ...

The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, has brought about substantial changes in the tax landscape for seniors. This legislation introduces a new deduction specifically for ...

What is the standard deduction? Most taxpayers claim the standard deduction, a fixed amount you can deduct to reduce your taxable income and lower your federal tax bill. Unlike itemized deductions, ...

President Donald Trump's "big beautiful" tax law provides a new senior "bonus" or deduction of up to $6,000 per individual or $12,000 for married couples. The temporary deduction applies to taxpayers ...

Benjamin Franklin famously quipped that there’s nothing certain in life other than death and taxes. Any changes to the latter pique the interest of most Americans. As it does annually, the IRS ...

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 ...