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 ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced ...

The One Big Beautiful Bill Act (OBBBA) has been a contentious piece of legislation since its inception, but most agree that the senior tax deductions offered by the bill are set to benefit many in the ...

A new $6,000 tax deduction for Americans 65 and older could boost refunds for millions of older taxpayers, putting an average of about $670 more in their pockets this year, according to advocacy group ...

These changes, which take effect this year, are designed to provide tax relief across a broad range of categories, from working Americans and seniors to business investment and family support. Notices ...

Add Yahoo as a preferred source to see more of our stories on Google. Question : I will turn 65 in March. If I wait until then to file my federal income taxes, can I get the bigger senior deduction ?

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Johner Images/Getty Images A new ...