Seniors could get a bigger tax deduction this year, but the rules matter. Here's what to know before filing.

Not everyone gets to benefit.

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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 ...

As it does each year, the IRS implemented inflation adjustments to several important credit and deduction amounts for 2025. This includes (but isn’t limited to) new 2025 income tax brackets and ...

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. If ...

Tax season in 2026 will look very different for older Americans filing 2025 returns, as a new wave of deductions reshapes how income, Social Security and retirement savings are treated. For people 65 ...

A growing number of retirees have been paying federal tax on their benefits. A new $6,000 per person senior deduction reduces taxes for some seniors, but doesn’t change the way Social Security is ...

As President Donald Trump’s sweeping tax bill inches through Congress, one of its key sticking points hits Americans directly where they live. The state and local tax deduction – often abbreviated as ...

The overtime deduction is an option whether a taxpayer claims the standard deduction or itemizes deductions, such a deducting mortgage interest. It's a mixed bag when it comes to what employers are ...

The IRS has issued proposed regulations for the temporary car loan interest deduction enacted under the new tax law. Here’s a look at the answers to some of your questions about the new deduction.

See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. Working extra hours has always meant paying the same taxes on overtime ...