Taxes are one of the biggest expenses for middle-class workers, but the IRS actually offers a few rules and breaks that can help you keep more of your money this tax season. Check Out: 5 Tax Loopholes the Ultra-Wealthy Use That Most Americans Don’t Know About Read Next: 5 Low-Effort Ways To Make Passive Income (You Can Start This Week) Here are four IRS rules worth paying attention to. The Standard Deduction Is Higher This Year One of the easiest ways to lower your taxable income is the standard deduct ...

Roughly 12% of adults in the U.S. take a GLP-1 drug like Ozempic, Mounjaro, Zepbound, or Wegovy, according to the 2025 KFF Health Tracking poll. But these blockbuster drugs can cost more than $1,000 per month for patients who pay out of pocket. Even with insurance, the monthly costs can exceed several hundred dollars. You may be able to deduct GLP-1s as a medical expense from your taxes, depending on why the drugs were prescribed. But doing so may not actually reduce your tax bill. Here’s why. Read more: ...

Core Insights - Tax season presents both challenges and opportunities for American seniors, particularly those aged 65 and older, who can benefit from additional deductions [1][2] Group 1: Standard Deduction - The standard deduction for tax year 2025 allows taxpayers to reduce their taxable income by a fixed amount or by itemizing deductions if they exceed the standard deduction [3] - For individuals aged 65 or older, the total standard deduction is $17,750, which includes a base amount of $15,750 plus an additional $2,000 for seniors [3][4] - Married couples where both partners are 65 or older can claim a total deduction of $34,700, which includes the standard deduction and additional amounts for age [4][6] Group 2: Additional Deductions - The One Big Beautiful Bill Act allows seniors aged 65 and older to deduct an additional $6,000 from their federal returns, provided they meet certain income limits [6] - The additional standard deduction varies based on filing status, with specific amounts for single, married, and head of household taxpayers [7][8][9]

With age-old myths still puzzling American filers, there are several new tax rules, too. We're actually coming from President Trump's big, beautiful bill. Emma Aerman joins me to unpack what you need to know before your taxes are due on April 15th. Emma, what do I need to know.>> A lot. I mean, filing your taxes has never been accused of being easy, but like you said, with the passage of the One Big Beautiful Bill Act last year, there are a lot of new provisions to consider. Um, so some of those can, you kn ...

How to read this chart: If your gross income is at or above the amount shown for your filing status, you’re generally required to file a federal tax return. For tax year 2026, some older filers may qualify for a temporary senior bonus, which raises the filing threshold further.$33,850 (one spouse under 65) $35,500 (both spouses 65 or older) + $6,000 temporary bonus if one or both spouses qualify$33,100 (one spouse under 65) $34,700 (both spouses 65 or older)$26,200 + up to $6,000 temporary bonus for qualify ...

If you donate regularly to charity, you may want to take advantage of the charitable contribution deduction, an incentive that could significantly lower your taxable income. This article explains what the charitable contribution deduction is, how it works, and what to consider as you prepare to file for the 2025 tax year. What are charitable donations? A charitable donation is a voluntary gift to a tax-exempt organization, for which you didn’t receive a benefit in return. The gift can be money or prop ...

Ready to talk about taxes? On this episode of Market Sense, we dive into the new tax law, and how it could impact your 2025 taxes. A Fidelity branch leader and former tax preparer will highlight some of the changes and strategies for itemizing, charitable giving and Roth conversions. Plus, all the latest market headlines in 20 minutes. Topics covered: • 2025 tax changes • SALT • Roth Conversion • Charitable Contributions 00:00 Market Sense Introduction 01:39 Latest market headlines 04:22 Latest market headl ...

the amount of tax you pay next year could be changing. >> Yeah, this is after the IRS made its annual inflation adjustments earlier this month and updated the tax brackets for 2026. >> The big change is the 2.7% increase in the brackets here.That's significant uh for folks who are trying to keep up with inflation. If you get a raise uh next year and you're filing those taxes for 2026, you may not end up in the higher bracket if you don't exceed that 2.7% threshold. But there's some other key provisions here ...

Now, the amount of tax you pay next year could be changing. >> Yeah, this is after the IRS made its annual inflation adjustments earlier this month and updated the tax brackets for 2026. >> Here to tell us what this means for you is Investipedia's editor-inchief Caleb Silver.So, Caleb, the IRS says a lot of these amendments are due to the tax and spending bill passed by Republicans earlier this year. How are the tax brackets changing next year. What are some of the most notable changes.>> Yeah, well, the bi ...

Tax Bracket Adjustments - The IRS adjusts tax brackets annually to account for inflation, preventing "bracket creep" [1][2] - Due to inflation adjustments and an increased standard deduction, taxpayers may pay slightly less in 2025 compared to 2024, even with the same income [3] Tax Benefits for Seniors - Seniors aged 65 or older receive a temporary $6,000 tax deduction in addition to the standard deduction for the years 2025-2028 [4] - The $6,000 deduction for seniors is phased out for individuals with income at $75,000 and couples at $150,000 [4] - Changes to Medicaid may impact seniors, potentially raising costs related to long-term care [5] State and Local Tax (SALT) Deduction - The SALT deduction has increased to $40,000 [5] - Taxpayers in states with high local and state taxes who itemize their deductions could significantly benefit from the raised SALT deduction [6][7] Tax Planning Strategies - Bunching deductions, such as charitable contributions, can help taxpayers exceed the standard deduction and maximize tax savings [8] - Bunching can also be applied to medical expenses to surpass the required percentage for write-offs beyond the standard deduction [9]