The new senior tax deduction is quietly reshaping retirement math. Instead of tinkering with how Social Security itself is taxed, Congress created a sizable extra write off for older filers that can ...

The standard deduction has been super-sized for seniors. Thanks to provisions in the One Big Beautiful Bill Act, taxpayers 65 and older can claim an additional $6,000 without itemizing their ...

A new, temporary 'senior bonus' will enable many taxpayers age 65 and older to deduct up to $6,000 in income from their ...

A United States Treasury government check rests on top of a Social Security card. The Social Security Administration (SSA) issued a press release and an email to tens of millions of Americans claiming ...

President Donald Trump’s One Big Beautiful Bill Act, which was recently signed into law, offers Americans a number of tax benefits. It makes many of the changes from the Tax Cuts and Jobs Act (TCJA) ...

American taxpayers aged 65 and older will receive a new $6,000 bonus tax deduction next year as part of President Donald Trump’s One Big Beautiful Bill Act. The temporary deduction comes alongside ...

Forbes contributors publish independent expert analyses and insights. Admitted NY Bar and US Tax Court, covers US international tax law. The One Big Beautiful Bill Act introduces a significant ...

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. Investopedia / Photo Illustration ...

It’s nearly the end of the year, the traditional time for giving but before opening your wallet, you should know how tax rules are changing so you can maximize your gifts. Itemizers should hit fast ...

The state and local tax deduction, known as SALT, provides a federal deduction for state and local income taxes and property taxes. Under President Donald Trump’s 2017 tax cuts, there’s currently a ...