Articles related to focusing on healthy aging, prevention, mobility, cognition, nutrition, independence, and caregiving support.
Millions of older American taxpayers are set to receive significant tax relief under recent legislation. This article will explain what is the new tax credit for seniors, clarifying that it is a bonus deduction and not a credit, and detail how eligible individuals can benefit.
According to AARP, family caregivers spend an average of over $7,200 out-of-pocket annually on caregiving-related expenses. Understanding what is the elder care tax deduction is key to reducing this financial burden and ensuring you receive the tax relief you deserve.
Effective for tax years 2025 through 2028, a new temporary tax provision allows individuals aged 65 and older to claim an additional deduction. This is the bonus many seniors are hearing about, but understanding how seniors qualify for a bonus involves navigating specific age and income thresholds, as outlined by the IRS.
According to a 2025 IRS update, individuals aged 65 and older can claim a new $6,000 deduction, significantly impacting how seniors file their taxes. So, what is the tax deduction for senior citizens and how can they take advantage of it to reduce their taxable income?
