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The One Big Beautiful Bill Act (OBBB) provided many new tax provisions. Some extended the 2017 Tax Cuts and Jobs Act (TCJA) laws that were soon to sunset. But new deductions and tax cuts are also now possible because of the OBBB.
From no taxes on tips to an increased standard deduction for seniors, the OBBB provided something for every age group. Here are some of the highlights.
Increased Senior Standard Deduction
For those taxpayers 65 and older, a $6,000 additional deduction is available for singles and $12,000 for married couples filing jointly. This deduction is in addition to the current additional standard deduction for seniors, according to the IRS. The current senior deduction is $1,950 for singles.
Anne Johnson was a commercial property and casualty insurance agent for nine years. She was also licensed in health and life insurance. She went on to own an advertising agency, where she worked with businesses. She has been writing about personal finance for 10 years.
