If you’re age 65 or older, there’s a new tax benefit you should know about – starting in 2025, you’ll be eligible for an extra $6,000 deduction, just for being a senior.
And if you’re married and both you and your spouse are 65 or older, you can double it to $12,000.
Yes, of course there are income limits. See the charts below:
Schedule a year-end tax planning session to see how this may impact you!