All articles tagged with #taxdeductions
The article outlines various financial changes expected in 2026 due to the One Big, Beautiful Bill Act, including large tax refunds, new deductions for seniors and charitable giving, increased SALT caps, and modifications to gambling and estate laws, alongside potential financial challenges from cuts to social safety net programs and higher costs in areas like energy and student debt management.
Senior citizens aged 65 and older are eligible for an extra standard deduction on their 2023 taxes, which can reduce their taxable income and lower their tax bill. For 2023, the additional amounts are $1,850 for single or head of household and $1,500 for married taxpayers, with higher amounts if the individual is also blind. This is on top of the regular standard deductions, which vary based on filing status. Nearly 90% of Americans take the standard deduction, but itemizing could be more beneficial if one has had significant expenses or life events.
Older adults aged 65 and over can benefit from an extra standard deduction on their 2023 taxes, potentially reducing their taxable income and resulting in a smaller tax bill. This additional deduction varies based on filing status and whether the individual or their spouse is blind. For 2023, the extra amounts range from $1,500 to $3,700, on top of the regular standard deductions. The decision to itemize or take the standard deduction should be based on whether itemized deductions exceed the standard deduction or if certain conditions prevent using the standard deduction.