Older Americans can now benefit from a "senior bonus" tax deduction, but it largely depends on their income. SACRAMENTO, Calif. — A new temporary tax deduction for older Americans, dubbed the “ senior bonus ,” is now in effect but financial experts say eligibility depends largely on your income.

What does the "Big Beautiful" bill mean for your Social Security as a retiree - and how can you plan for the potential changes ahead?

Perhaps the most noteworthy aspect of the OBBB is the new deduction for seniors across America. Taxpayers who are 65 or older can now claim an extra $6,000 as a tax deduction above their standard deduction and additional standard deduction, effectively reducing their tax liability.

The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in effect for the 2025 filing season. Aimed at middle-class workers, boomers and retirees,

Roughly 100,000 Wyoming retirees are expected to benefit from a new federal deduction that eliminates taxes on most Social Security income.

Roughly 600,000 retirees in Oklahoma are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026.