🪙 Retirement Relief: Understanding the New Senior Deduction in the One Big Beautiful Bill Act

tysllpCPA, Tax Accounting, Tax Planning, Tax Prep

New Senior Deduction

How does the One Big Beautiful Bill Act provide an extra Senior Deduction for taxpayers over age 65? The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, creates a new, temporary Senior Deduction to provide tax relief for individuals aged 65 and older. Specifically, it allows a deduction of $6,000 for single filers and $12,000 for married couples … Read More