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The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in ...
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Trump Announces Senior Tax Deduction

President Donald Trump has promoted a new $6,000 senior tax deduction and pledged to protect Social Security, and ...
In tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their income tax return.
The Trump bill — which was enacted in early July — introduces an additional tax deduction for taxpayers who are 65 or older.
Republicans' "big beautiful" bill includes a provision to help offset those levies. Here's how the new deduction, called a "senior bonus" in the legislative text, would work.
The "big beautiful bill" includes a $6,000 additional deduction for certain older Americans ages 65 and over. However, the legislation does not end federal income taxes on Social Security ...