President Donald Trump has promoted a new $6,000 senior tax deduction and pledged to protect Social Security, and ...

President Donald Trump pledged to end taxes on Social Security as part of the GOP's 'One Big Beautiful Bill' signed into law on July 4. The exact wording of the law actually stipulates a $6,000 tax ...

In tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their income tax return.

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.