New $6,000 Senior Tax Deduction Explained & Your Questions Answered

Are you 65 or older? The new 2025 tax bill (OBBBA) introduces a $6,000 bonus deduction — up to $12,000 for married couples, that could help lower your taxable income and even reduce taxes on your Social Security benefits.

In this video, we answer your most common questions:
✅ Who qualifies and how much you can claim
✅ How long this deduction will last
✅ Income limits and phase-outs
✅ How this affects Social Security taxes
✅ Tips to maximize your savings

0:00 One Big Beautiful Bill
0:46 What is the new senior deduction?
0:59 How much is this new deduction?
1:15 When did this deduction go into effect and how long will it last?
1:27 Is this in addition to the existing standard deduction for seniors?
1:39 Do I need to itemize my deductions to claim this senior deduction?
2:28 Are there income limits for this deduction?
3:10 Does this deduction eliminate taxes on Social Security benefits?
3:25 Who is eligible for this deduction?

IRS Fact Sheet: https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors

#seniortaxdeduction #onebigbeautifulbill #seniorliving

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DISCLAIMER: This video is for informational purposes only and should not be construed as tax, financial, or legal advice. Every person’s situation is different, and you should consult with your own financial and tax advisor for advice specific to your situation. Comments are not reviewed.