They're also eligible for the existing $2,000 extra standard deduction and the new $6,000 senior deduction. That adds up to $23,750 in total deductions, for a taxable income of $46,250.

The tax break is also temporary, only in effect from 2025 through 2028. Who qualifies for the bonus deduction? The deduction is available to eligible Seniors ages 65 and older with income that ...

The state and local tax deduction, a write-off that primarily benefits higher-income Americans living in high-tax areas, was one of the most disputed provisions of Trump’s tax-and-spend bill ...