Seniors will love the new tax bill!

If you are 65 years of age or older, several provisions in the One Big Beautiful Bill Act (“Big Beautiful Bill”) would be especially relevant:

• Temporary Senior Deduction: For tax years beginning after December 31, 2024, and before January 1, 2029, individuals age 65 or older can claim a temporary additional deduction of $6,000. This deduction phases out for modified adjusted gross incomes above $75,000 ($150,000 for joint filers), and is not available to married taxpayers filing separately. To claim this deduction, the taxpayer’s (and spouse’s, if applicable) Social Security number must be included on the return.
• Standard Deduction Increase: The basic standard deduction amounts are made permanent and increased. For 2025, the standard deduction for a single filer age 65 or older is $23,750, and for married couples filing jointly where both spouses are 65 or older, it’s $46,700. Additional standard deduction amounts for age and blindness continue to apply and are adjusted annually for inflation.
• Filing Thresholds: The income threshold for being required to file a tax return is higher for those age 65 or older, reflecting the increased standard deduction and senior deduction.
• Other Provisions: The Bill also maintains or modifies credits and exclusions that may be relevant, such as the credit for the elderly and disabled, and changes to health insurance premium assistance and dependent care benefits, though these are not exclusive to seniors.

In summary, the most significant changes for someone age 65 or older are the new temporary $6,000 senior deduction, increased standard deduction amounts, and higher filing thresholds