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Older Americans face big tax changes. Here's where they can find free filing help
Older Americans may get bigger tax refunds this year. Here's where to find free services to navigate the complexities of new tax breaks.
TL;DR
- New tax law effective 2025 provides a senior deduction of up to $6,000 per eligible individual (age 65+).
- The deduction is available through tax year 2028 and phases out based on income levels.
- An estimated 88% of seniors may not owe taxes on Social Security benefits due to increased deductions.
- Free tax help is available from IRS programs (VITA, TCE) and AARP Foundation's Tax-Aide.
- The Social Security Fairness Act may increase taxable income for some public pensioners.
- Total potential tax breaks for individuals could reach $23,750 with multiple deductions.