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American taxpayers aged 65 and older will receive a new $6,000 bonus tax deduction next year as part of President Donald Trump’s One Big Beautiful Bill Act. The temporary deduction comes alongside ...

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 ...

Homeowners now have the chance to write off much more of their state and local tax bills, and this could potentially lead to bigger tax refunds. That’s if they play their cards right on the SALT ...

Christine Benz: Hi, I’m Christine Benz for Morningstar. People who are 65 and older may be able to take advantage of a new senior deduction starting in 2025. Joining me to discuss what you need to ...

Thanks to changes to the tax laws, 2026 gives taxpayers a chance to take a fresh look at their charitable giving. Whether you’re donating cash, stock or money from your retirement account, a little ...

Changes in the tax law will have different effects on people who take the standard deduction versus high earners who itemize. By Ann Carrns Thinking about donating to your favorite charity before the ...

Taxpayers can reduce their IRS bill by deducting qualifying expenses from their taxable income. The easiest way to do that is to take the standard deduction, a flat rate offered to nearly all ...

The standard deduction has been super-sized for seniors. Thanks to provisions in the One Big Beautiful Bill Act, taxpayers 65 and older can claim an additional $6,000 without itemizing their ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, ...

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 ...

While the "One Big Beautiful Bill" signed into law by President Trump on July 4 didn't eliminate taxes on Social Security benefits (a promise Trump made on the campaign trail), it did provide a ...