OBBBA has introduced a ‘Seniors Deduction’ for retirees over 65, of up to $6,000 for individuals ($12,000 for couples), in 2026 tax filings.

The new $6,000 deduction goes into effect for the 2025 tax year and will continue through 2028 for those aged 65 and older.

The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.

The 2026 tax filing season is underway, and major changes approved by Congress last year could mean larger refunds for many ...

CNBC’s Sharon Epperson explains the standard deduction for 2025 tax returns. For more Tax Tips, go to cnbc.com/money101 to ...

The IRS has unveiled the updated tax brackets and standard deductions for the 2025 tax year, reflecting adjustments for inflation.

It will mostly be business as usual for homeowners this tax season. However, new changes introduced under the "big, beautiful bill" may affect how they file.

As a taxpayer, you pay tax as a percentage of your income in layers called tax brackets, according to the IRS.