These Seniors Will Save Money on Taxes This Year Thanks to President Trump's New OBBBA Deduction

If you're a cash-strapped senior, you may find it a little easier to manage your taxes next spring thanks to the "big, beautiful bill" that became law last month. Contrary to what some sources have said, it's not because the law eliminated Social Security benefit taxes. Those remain exactly the same as when the government first created them in the 1980s.Instead, the law adds a new senior tax deduction worth up to $6,000 for a single adult or $12,000 for a married couple. This can significantly reduce your taxable income -- and your tax bill -- for the year. But before you get too excited, you'll need to qualify for the savings by meeting both of the qualifications below.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool