New $6,000 Senior Tax Deduction: What You Need to Know
Update: 2025-11-30
Description
Starting in 2025, a new $6,000 senior tax deduction will be available for taxpayers aged 65 and older, offering significant savings on itemized or standard deductions. This deduction, part of a larger tax bill, could reduce taxes on Social Security benefits, depending on income. Married couples filing jointly can deduct up to $12,000. However, higher-income seniors will see the benefit phase out. This change may prompt seniors to re-evaluate their tax planning strategies. Consult a tax professional to understand how this new rule applies to your specific circumstances.
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