Ep. 172 | The New Senior Tax Deduction
Download MP3This episode provides a comprehensive analysis of the senior tax deduction, focusing on the eligibility criteria and unique advantages it offers. Chris and John highlight that individuals aged 65 and older with a valid Social Security number who file jointly or as head of household can benefit from this deduction between 2025 and 2028. The hosts clarify that it applies whether one itemizes deductions or chooses the standard deduction, potentially offering up to a $12,000 deduction for married couples. Additionally, they discuss the income phase-out range, highlighting the nuanced details that can affect one's tax return.
Episode Sponsor:
REPStracker
Episode Sponsor:
REPStracker
www.repstracker.com/affiliate/teachingtaxflow (CODE: IFG)
- (00:00) - Exploring the New Senior Tax Deduction and Its Implications
- (05:16) - Tax Deductions for Seniors Aged 65 and Older
- (07:29) - Understanding Tax Deductions and Phase Outs for Married Couples
- (11:46) - Maximizing Senior Tax Deductions with Schedule 1A
- (16:29) - The Value of Tax Professionals and Avoiding Procrastination
