The standard deduction is bigger than ever, itemizing rules have changed, and new deductions complicate matters. Here’s how ...

The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.

You can only claim the new senior tax deduction if you were 65 or older at the end of 2025. You must also provide your Social ...

The new $6,000 deduction goes into effect for the 2025 tax year and will continue through 2028 for those aged 65 and older.

The IRS is set to begin accepting and processing 2025 tax returns on Jan. 26. What to do to avoid delays and mistakes as new ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

New deductions for seniors, tipped workers and overtime, plus a tax hit on gamblers, have generated confusion, misinformation and outrage. Misinformation about the One Big Beautiful Bill Act (OBBBA) ...

The IRS released the 2026 standard deduction amounts you’ll use for your 2026 tax return — and they're higher than ever. The IRS adjusts these amounts for each filing status every year. And since ...

Taxpayers must turn 65 before the end of 2025 to qualify for a new proposed deduction on next year's tax return. It would not matter if you're receiving Social Security benefits or delaying to claim.

The BBB's new senior deduction is only available to adults 65 and older. High-income seniors won't be eligible to claim it. Right now, the deduction applies only to the 2025 to 2028 tax years. The ...

Donating to charity is a great way to show your giving spirit and can help save money at the same time if you follow key ...

The SALT deduction, which was temporary under the OBBBA Act, raised it from $10,000 to $40,000 if your income is under $500,000. The new senior deduction is a $6,000 deduction you get just for being ...