Series Episode 02 | One Big Beautiful Bill
Seniors, get ready for a Major Tax Break!
Thanks to the One Big Beautiful Bill Act, signed on July 4, 2025, taxpayers aged 65 or older will now receive a $6,000 deduction per person, a significant boost on top of the standard deduction.
Couples filing jointly? That’s up to $12,000 in extra tax relief!
Here’s how it works:
- Eligibility: Age 65+ (2025–2028)
- Income phase-out:
- Single filers: Over $75,000
- Joint filers: Over $150,000
- Deduction floor: Never goes below zero
- Impact on Social Security: No effect
Example:
A couple could take $46,700 in deductions:
- Standard Deduction: $34,700
- New Deduction: $12,000
This could potentially save thousands of dollars in federal taxes.
If you’re 65 or older, this is a golden chance to lower your tax burden.
Want to know how this impacts your return?
Contact Leader CPA to schedule a consultation, and follow us for more helpful updates.
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