For 2025, married couples over 65 filing jointly will also see a modest benefit. The extra deduction per qualifying spouse will increase from $1,550 in 2024 to $1,600 for 2025, a $50 increase per ...

Enter the Bonus Tax Relief for America’s Seniors Act, newly proposed bipartisan legislation. If approved, the bill would more than double the additional standard deduction for those over age 65 ...

The earned income tax credit, or EITC, is a tax break that can help low- to moderate-income working families save thousands at tax time. Whether you can claim, however, depends on your filing ...

Tax-efficient investments in debt mutual funds have changed post-2023, with new tax rates and benefits for investors.

For single filers and heads of households age 65 and over, the additional standard deduction will increase slightly — from $1,950 in 2024 (returns you’ll file soon in early 2025) to $2,000 in ...

The Earned Income Tax Credit (EITC) can reduce taxes and increase refunds for low- to moderate-income workers and families. The credit ranges from $632 to $7,830 for the 2024 tax year.

The earned income tax credit (EIC or EITC) is for low- and moderate-income workers. See qualifications and credit amounts for 2024 and 2025. Many, or all, of the products featured on this page are ...

The Earned Income Tax Credit (EITC) ... Must be over 25 or under 65 if you’re filing without a child. Earned income must be under $66,819 in tax year 2024 or less, ...

One tax expert says a proposed $4,000 bonus deduction is a 'far cry from the savings' that many would see with no taxes on ...

For the 2023 tax year, dependents can claim either $1,250 or their earned income plus $400, whichever is greater. For 2024, the limit is the greater of $1,300 or your earned income plus $450. Pro ...

Disclosures: TurboTax Free Edition is for Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest). Roughly 37% of taxpayers ...

New bill could more than double tax deductions for people over 65. The Bonus Tax Relief for America’s Seniors Act was recently introduced by a bipartisan group of lawmakers: Reps. Nicole ...