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One Big Beautiful Bill, Tax Deduction
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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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4 Things President Trump Isn't Telling You About the OBBB's "No Tax on Social Security Benefits"
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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 ...
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The $6,000 senior 'bonus' explained; and why you won't see it in your bank account
A new temporary tax deduction for seniors offers relief, but it’s not a direct cash payment. Knowing the rules is key to ...
Eligible seniors can claim the full deduction even if they itemize. For example, if your itemized deductions total $30,000, you can add the $6,000 senior deduction to bring your total to ...
The new additional senior deduction and other changes in Trump's "big beautiful bill" may reduce taxation of Social Security benefits by approximately $30 billion per year, estimates the Committee ...
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Hidden price: Tax breaks for seniors may speed up Social Security insolvency
The One Big Beautiful Bill adds a new tax deduction for seniors, but it may accelerate Social Security’s insolvency by ...
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