Senior Tax Deduction Increased to Six Thousand Dollars for Ages 65 and Older, Up from Four Thousand
Taxpayers aged 65 and older will see a notable increase in their allowable deductions for the upcoming tax year, as the federal government has approved a rise from $4,000 to $6,000. This adjustment aims to provide seniors with greater financial flexibility amid rising living costs and inflationary pressures. The change, announced by the IRS earlier...