The deduction reduces at a rate of 6% of the amount exceeding the threshold. For instance, a single filer with a MAGI of ...

A new $6,000 senior tax deduction has been hailed as long-overdue relief for older Americans feeling squeezed by rising costs. After years of grappling with growing property tax bills, soaring ...

But the reality is more complicated. Not all seniors will qualify for the deduction, and those most at risk of losing their homes—lower-income seniors and those with little taxable income—might see no ...

Now that the Senate and House have both passed their versions of the tax and spending bill, it is up to President Donald Trump to sign it into law, including a new temporary deduction — called a ...

Adjustments to the extra standard deduction can impact the tax bills of millions of older adults. Here are some new amounts to know for 2026.

Seniors on a fixed income can find relief from tax debt through various IRS programs. Find out more about these opportunities ...

Property taxes are rising dramatically across the country, and that reality has the potential to hit seniors living on a fixed income hardest of all. On top of that, keeping up with property tax and ...

QUESTION: Are caregiving expenses tax-deductible? I provide a lot of financial support to my elderly mother and would like to find out if I can write any of it off on my taxes. ANSWER: Several tax ...

Q. My neighbor recently told me about something called the senior freeze. He said his real estate tax bill is much lower than his neighbor’s bills because of this. What is the senior freeze and how do ...

Senior citizens in Illinois are being forced out of their homes due to rising property taxes, but a Democratic plan to increase the Homestead program exemption could help some seniors stay in their ...