Turning 65 doesn't just mark a milestone in life, it can also unlock valuable tax savings. The IRS grants seniors an extra standard deduction. This deduction can lower taxable income by thousands of ...

One of the biggest tax decisions that a couple can make is whether to take the standard deduction or itemize. The standard ...

The additional standard deduction is a crucial tax benefit for seniors and individuals with disabilities. Unlike the regular standard deduction, this additional amount is specifically designed to ...

$31,500 for joint filers (plus $1,600 for each spouse 65 or older) $15,750 for single filers (plus $2,000 if 65 or older) $23,625 for head-of-household filers (plus $2,000 if 65 or older) $15,750 for ...

The Internal Revenue Service on Thursday announced the annual inflation adjustments for more than 60 tax provisions — including income tax brackets, standard deductions and credits — for the 2026 tax ...

The Internal Revenue Service (IRS) has made a significant move to benefit seniors by adjusting the standard deduction for 2026. This annual adjustment, driven by inflation, aims to reduce the taxable ...