For tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their federal return.

For a long time, the standard deduction has been a straightforward option for many U.S. taxpayers. It allows most filers to reduce their taxable income without needing to itemize deductions. The ...

Many retirees think that once they take the standard deduction, they can't claim any other tax breaks. That's not true, and believing it could cost them thousands of dollars each year, especially amid ...