A new senior tax deduction is available for those aged 65 and older, offering up to $6,000 for singles and $12,000 for married couples. To qualify, single filers must have a MAGI of $75,000 or less, and joint filers must have a MAGI of $150,000 or less. This deduction can significantly reduce your taxable income, leading to a smaller tax bill or a larger refund. However, it is set to expire in 2028, so keep an eye on any changes. Additionally, maximizing your Social Security benefits could provide a $23,760 boost to your retirement income. Join Stock Advisor to learn more about these strategies.

Read more at Nasdaq, Inc.: Here’s Exactly How the New Senior Tax Deduction Works