One Big Beautiful Bill Act (OBBBA) Tax Update

Standard Deduction Increase Effective for 2025, the standard deduction amounts are increased as follows: Single / Married Filing Separately: $15,750 Married Filing Jointly: $31,500 Head of Household: $23,625 Additional Standard Deduction for Seniors From 2025 through 2028, taxpayers aged 65+ will qualify for a bonus standard deduction of up to $6,000. This deduction will phase…

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