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

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 ...

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 ...