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What is the senior tax exemption for 2025?

For the 2025 tax year, individuals aged 65 and older may be eligible for a new, additional federal deduction of up to $6,000 per person, thanks to recent legislation. This significant change means seniors could see a substantial reduction in their taxable income, whether they itemize or take the standard deduction. Navigating these changes is crucial for maximizing your tax savings and securing your financial future.