How Will This New Bill Affect Your Taxes?

[OneEyedDiva]

This article gives information about how people will be affected by the Big Beautiful Bill tax changes based on what category they are in. It also has a chart for what's carried over from 2017 and what's new. Use the down arrows to read more about each deduction. Keep scrolling to see what people can expect at tax time based on what category they are in.
https://www.hrblock.com/tax-reform-...id=102365908&mc_sd=20250902&emlink=37793_7698

 

[Tom52]

My understanding is that anyone age 65 plus will get a $6000 tax credit and if filing jointly and both age 65 plus will get a $12,000 tax credit starting on tax year 2025. So I would think most everyone on this forum should see reduced federal taxes. That is unless you already pay no federal tax.

 

[Knight]

That should help some.

 

[seadoug]

Since we are both retired and have only income from my Social Security and our investments I think we will see a benefit. Thanks for sharing @OneEyedDiva!

On a side note, Hubby and I married in late 2015 and started filing jointly. We have not seen one benefit from that and our tax accountant confirmed it. One huge benefit is that I went on his health insurance for a while and that we have legal say in health emergencies.

 

[OneEyedDiva]

Since we are both retired and have only income from my Social Security and our investments I think we will see a benefit. Thanks for sharing @OneEyedDiva!

On a side note, Hubby and I married in late 2015 and started filing jointly. We have not seen one benefit from that and our tax accountant confirmed it. One huge benefit is that I went on his health insurance for a while and that we have legal say in health emergencies.

You're welcome, of course Doug. Here's hoping we both see benefits! Those benefits you mentioned are very important.