The standard deduction has been super-sized for seniors. Starting with 2025 federal returns (filed in 2026), taxpayers 65 and older can claim an additional $6,000 without itemizing, thanks to tax ...

Got questions about the new deductions for tips, overtime, seniors and car loans? Here’s what you’ve been asking—along with my answers—about those, as well as other updated tax provisions. The One Big ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Investopedia / Photo Composite by ...

The IRS released the new federal income tax brackets and standard deductions for 2026. Here's what to know about the new tax rates and how the changes will affect you. New IRS updates announced on ...

A new $6,000 senior tax deduction in Trump's new tax bill, the One Big Beautiful Bill, starts in tax year 2025, offering ...

Changes in the tax law will have different effects on people who take the standard deduction versus high earners who itemize.