Tax changes for 2026 offer new ways for individuals ages 65 and over to plan financially.
That is largely due to a new temporary senior “bonus” or deduction of up to $6,000 per qualifying individual that was enacted when President Donald Trump signed the “big beautiful bill” package into law last July. A married couple filing jointly could qualify for a deduction of up to $12,000.
The $6,000 senior deduction is in effect from tax years 2025 through 2028. It applies to taxpayers 65 and over, regardless of whether they itemize their tax returns or take the standard deduction.
Retirees may not have made full use of the break since it was implemented partway through last year, experts say, but the next three years of planning could be key.
“This three-year window is an incredible, valuable opportunity,” said Miklos Ringbauer, a certified public accountant and founder and principal of MiklosCPA Inc., an accounting and tax strategy firm in Southern California.
