The $12,000 deduction introduced by the 'One Big Beautiful Bill Act' (OBBBA) is a temporary measure designed to provide financial relief to older adults. Specifically, it offers a maximum deduction of ...
The One Big Beautiful Bill Act has supersized the standard deduction for seniors. Starting with 2025 federal returns (filed in 2026), taxpayers 65 and older can claim up to $6,000 in addition to the ...
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