Business Intelligence | From W.D. Strategies on MSN
The senior tax break illusion: Why the new $6,000 deduction fades faster than you expect
The promise of financial relief for seniors has arrived, packaged in the form of a new tax deduction. Roughly 34 million ...
The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.
OBBBA has introduced a ‘Seniors Deduction’ for retirees over 65, of up to $6,000 for individuals ($12,000 for couples), in 2026 tax filings.
Young and the Invested on MSN
New standard deduction for 2026: How much will your taxable income be lowered? (Young and the Invested)
Every year, as you file your federal income tax return, you have an important decision to make: itemize, or take the standard ...
The 2026 tax season begins January 26. New laws change how much you owe. A family earning $73,000 can now pay $0 in federal ...
On Tuesday, the Internal Revenue Service announced its annual inflation adjustments for 2025, including updates to the federal income tax brackets and standard deduction. The standard deduction — ...
The new tax bill also temporarily raises the cap on the state and local tax (SALT) deduction to $40,000, up from $10,000. The ...
The SALT cap increases to $40,000 for 2025 — up from $10,000 in 2024. The maximum deduction phases down at higher income ...
Your filing status affects everything from your tax brackets to whether you have to file at all. Here’s how the rules work.
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