The standard deduction is bigger than ever, itemizing rules have changed, and new deductions complicate matters. Here’s how to choose the option that’s best for you.

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.

The new senior tax deduction is quietly reshaping retirement math. Instead of tinkering with how Social Security itself is taxed, Congress created a sizable extra write off for older filers that can ...

The standard deduction is set to climb again for the 2025 tax year, with married couples filing jointly able to shield $31,500 of income from federal income tax. That higher threshold will shape how ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Illustration ...

A new, temporary 'senior bonus' will enable many taxpayers age 65 and older to deduct up to $6,000 in income from their federal returns. You must file a new Schedule 1-A. The new enhanced deduction ...