For tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their federal return.

Now that your 2025 tax return has been filed — hopefully so, anyway — it’s possible you’d rather think of almost anything ...

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 — ...

At a 12% marginal tax rate, for example, the $6,000 enhanced senior deduction for a single taxpayer who is 65 or older would result in $720 in tax savings. The new enhanced deduction for seniors on ...