The 'One Big Beautiful Bill Act' (OBBBA), signed into law on July 4, 2025, introduces a new $6,000 tax deduction for seniors.

A recently proposed tax law includes a 'bonus' deduction of up to $6,000 for taxpayers 65 and older. Learn how it works, who ...

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

Social Security represents a major source of monthly income for many citizens, especially retirees. The "new" deduction will ...

The One Big Beautiful Bill brought several changes to personal income taxes. Learn what you need to know for the upcoming tax season.

Social Security beneficiaries receiving payments in 2026 can expect about $56 more every month, a new tax deduction that will lower seniors' taxes, and modernization updates to the agency.

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

West Virginia is phasing out its tax on Social Security benefits. For 2025 returns (filed in 2026), 65% of benefits will be ...

President Donald Trump pledged that there would be “no tax on tips, no tax on overtime and no tax on Social Security for our great seniors” on his 2024 campaign trail. He signed into law the One Big ...

Seniors relying on Social Security may have a new tax deduction in 2026. President Donald Trump’s One Big Beautiful Bill ...