A new temporary tax deduction for seniors offers relief, but it’s not a direct cash payment. Knowing the rules is key to ...

For seniors across the country, perhaps the most noteworthy aspect of the new bill is the additional deduction for this demographic. Taxpayers who are 65 or older can now claim an additional $6,000 as ...

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

Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.

Clear as mud, as one of my relatives might say. How does the 'senior bonus' work? A new, temporary "senior bonus" deduction of up to $6,000 will apply to taxpayers ages 65 and older in 2025, ...