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For seniors across the country, perhaps the most noteworthy aspect of the new bill is the additional deduction for this demographic. Taxpayers who are 65 or older can now claim an additional $6,000 as ...
In tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their income tax return.
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GOP tax bill includes a $6,000 ‘senior deduction.’ Here’s who ...
Seniors earning more than $75,000 per year ($150,000 for couples) would start to see a smaller deduction, which gradually diminishes and then disappears for those earning more than $175,000 ...
Seniors can currently claim a standard deduction of $15,000 (or $30,000 for couples), plus an additional senior-specific deduction of $2,000 (or $3,600 for couples).
Clear as mud, as one of my relatives might say. How does the 'senior bonus' work? A new, temporary "senior bonus" deduction of up to $6,000 will apply to taxpayers ages 65 and older in 2025, ...
Until enactment of the One Big Beautiful Bill Act, officially P.L. 119-21, the availability of a below-the-line deduction that was not the standard deduction or an itemized deduction was a rare event.
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