Are you age 65 or older? If so, for tax years 2025 through 2028, a provision of the One Big Beautiful Bill Act may allow you to claim an additional deduction of up to $6,000. And you can potentially double that amount if you’re married filing jointly and both you and your spouse are 65 or older. This “senior” deduction is available whether or not you itemize deductions. However, it begins to phase out when modified adjusted gross income (MAGI) exceeds $75,000 for single filers or $150,000 for married couples filing jointly. The deduction phases out completely when MAGI exceeds $175,000 or $250,000, respectively. Contact us for more information.
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