How the 'Senior Deduction' Could Save You Money on Your Taxes This Year

KEY TAKEAWAYS A new deduction created under the "One Big, Beautiful Bill" will allow senior taxpayers to subtract between $6,000 and $12,000 from their 2025 taxable income, lowering their overall tax burden. Taxpayers must be 65 years or older, and single taxpayers must have an income of less than $175,000, while married couples must have an income of less than $250,000, to be eligible for the deduction. A new tax deduction could lower your tax bill this year. Here's what you need to know about it. ...