Yes, you have several deductions available for the 2025 tax year, including increased standard deductions ($15,750 for single, $31,500 for married filing jointly) and new, specialized deductions for seniors, car loan interest, and specific income types.
From 2025 to 2028, adults age 65+ can claim a temporary bonus deduction of $6,000 if single or $12,000 if married filing jointly. For the 2025 tax year, the total standard plus bonus deduction for those age 65 and older is $21,750 for a single person and $43,500 for a married couple filing a joint return.
Standard Deduction.
(Additionally, for tax year 2025, the OBBB raises the standard deduction amount to $31,500 for married couples filing jointly. For single taxpayers and married individuals filing separately, the standard deduction for 2025 is $15,750, and for heads of households, the standard deduction is $23,625.)
Under the new income tax regime for 2025-26, any taxable income up to ₹12,00,000 attracts a full rebate of ₹60,000 (under Section 87A), resulting in a nil tax liability.
Some of the major tax changes effective from April 1, 2025, are revised tax slabs, rebate of up to Rs. 60,000, revised ITRU deadlines, calculation of partner's remuneration allowable as a deduction and revised TDS/TCS threshold limits. What is the Rebate available under section 87A?
You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,756 for tax year 2025 as a working family or individual earning up to $32,900 per year.
Who qualifies for the $6,000 senior deduction? People who turned 65 by Dec. 31, 2025, are eligible for the new deduction, according to the IRS. The deduction provides $6,000 for each qualifying individual, or $12,000 for married couples who both qualify. The tax break is subject to income limits.
The extra $144 added to Social Security usually comes from the Medicare Part B Giveback benefit, offered by some Medicare Advantage (Part C) plans, which pays back some or all your Part B premium, showing up as extra money in your check if it's deducted from your Social Security. To qualify, you need Original Medicare (Parts A & B), pay your own Part B premium, live in a plan's service area, and enroll in a specific Medicare Advantage plan that offers this "rebate," with the amount varying by plan and location.
If you don't itemize, you can still deduct "above-the-line" adjustments to income, such as contributions to a Traditional IRA or Health Savings Account (HSA), student loan interest, educator expenses, self-employment tax, and penalties on early savings withdrawals, which lower your Adjusted Gross Income (AGI) before you take the standard deduction. These deductions reduce your taxable income regardless of whether you itemize or take the standard deduction, helping lower your overall tax bill.
For the 2025 tax year, the standard deductions increased significantly, with $15,750 for Single/Married Filing Separately, $31,500 for Married Filing Jointly/Qualifying Widow(er), and $23,625 for Head of Household, plus additional amounts for seniors or blind individuals, with new eligibility for a senior deduction up to $6,000 on top of the standard amount.
The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 71 million Social Security beneficiaries in January 2026. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2025. (Note: Some people receive both Social Security and SSI benefits.)
For tax year 2025, seniors over 65 get a significant new $6,000 extra standard deduction (or $12,000 for joint filers) under the temporary One, Big, Beautiful Bill (OBBB), effective 2025-2028, phased out at higher incomes ($75k single / $150k joint MAGI). This is in addition to the existing modest age-based increase (around $2,000 for single, $1,600 per spouse for married).
Yes, Medicare premiums (Parts A, B, C, and D) can be tax-deductible as medical expenses if you itemize deductions on Schedule A and your total qualified medical costs exceed 7.5% of your Adjusted Gross Income (AGI), but self-employed individuals have a special rule allowing them to deduct premiums above the line, directly reducing AGI.
Tax changes for 2025, largely driven by the "One Big Beautiful Bill" (OBBBA) Act, introduce significant deductions for seniors, tips, overtime, and auto loan interest, expand the Child Tax Credit, and raise the SALT deduction cap to $40,000, while making several 2017 Tax Cuts and Jobs Act provisions permanent, including the seven tax brackets. Key changes include a $2,200 Child Tax Credit, a $6,000 senior deduction, deductions for qualified tips and overtime, and a permanent standard deduction increase.
April 10, 2025, the House adopted the Senate's amended version of the budget resolution, which allows $5.3 trillion in deficit-financed tax cuts (the combination of $3.8 trillion of tax cuts assumed to be “costless” under a current policy baseline plus $1.5 trillion in additional deficits permitted), deficit increases ...
For the 2025 tax year, the standard deductions are: $15,750 for Single/Married Filing Separately, $31,500 for Married Filing Jointly/Qualifying Surviving Spouse, and $23,625 for Head of Household, with additional amounts available for seniors (65+) and the blind, plus new rules for SALT deductions, per the One Big Beautiful Bill (OBBB).