Temporary deduction: 12/31/24 – 12/23/28
The Big Beautiful Bill provides a $6,000 deduction for seniors 65 and older. Your MAGI can not exceed $75, 000 for singles and $150,000 for married filing jointly. This deduction is not available to those married filing separately.
I am very disappointed in this change, as it only reduces seniors taxable income by $6,000 and does not fulfill the “No Tax on SS”. Seniors be aware as your taxes in 2025 will not be reduces as much as you where hoping for. Stop by and see me in Keysville so we can discuss and plan for your 2025 Income Tax Return.