WASHINGTON — With the IRS announcing that tax season begins on January 26, there are a number of important changes that older Americans will be able to take advantage of this year, in part thanks to AARP’s advocacy. The One Big Beautiful Bill Act increased inflation adjustments for the standard deduction, and a new bonus senior deduction will allow tens of millions of seniors to save hundreds of dollars on their taxes this year.
AARP Executive Vice President and Chief Advocacy and Engagement Officer Nancy LeaMond issued the following statement:
“This year’s tax season is bringing meaningful financial relief to older Americans. In addition to the existing standard deduction, filers who are age 65 and older can qualify for a new senior bonus deduction of up to $6,000 for individuals and $12,000 for married couples. This deduction is targeted to lower- and middle-income retirees and will help tens of millions keep more of their income. With ongoing anxiety around cost of living and kitchen table budget issues, this kind of relief can make a critical difference for folks trying to make ends meet.”
For low-and moderate-income older adults seeking assistance navigating their options this tax season, AARP Foundation can help through Tax-Aide, the nation’s largest free tax assistance and preparation program. More information can be found at taxaide.aarpfoundation.org.
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About AARP
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the 125 million Americans 50-plus and their families: health and financial security, and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation’s largest-circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit http://www.aarp.org/about-aarp/, http://www.aarp.org/español or follow @AARP, @AARPLatino and @AARPadvocates on social media.
