16h • General discussion
Happy Saturday!
There are only eleven more days left in 2025. So, if you plan on taking advantage of some of the new tax changes from the One Big Beautiful Bill, now is the time to get in a hurry. This is one of the changes and how you can claim it. If it doesn't apply to you share it with someone that can claim it. If you have questions join the community and post them in the feed. I will be sharing tips throughout the tax season. Happy Saturday and see you in the community.
Deduction for seniors:
Overview of the deduction
- Effective 2025 through 2028, individuals age 65 and older may claim an additional $6,000 deduction.
- This is in addition to the standard deduction for seniors available under existing law.
- Applies per eligible individual (or $12,000 for a married couple if both spouses qualify).
- Phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Who qualifies
- You must be age 65 on or before the last day of the tax year.
- Available for eligible taxpayers (both itemizing and non-itemizing).
How to claim the deduction
- Include your Social Security number on the return.
- File jointly, if you’re married.
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