Roughly 1 million South Carolina retirees are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026. The One Big Beautiful Bill

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.

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.

Retirees may need to adjust their financial plans in light of changes introduced by the recently passed Big Beautiful Bill (BBB). The new legislation brings one of the largest tax cuts in history for middle- and working-class Americans,

In tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their income tax return.

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,