New tax deduction could put more money back in seniors’ pockets this year

Tax season is fast approaching and several tax policy changes impacting older Americans will be in effect when seniors go to file their returns.

The enactment of Republicans' One Big Beautiful Bill Act (OBBBA) last year revised a number of tax policies, including some provisions that the IRS is implementing for the 2025 tax year, for which Americans will begin filing their tax returns beginning on Jan. 26.

Among the new tax provisions that will impact seniors is a bonus deduction for...