Category: Credits & Deductions
-
The IRS starts phasing out the new deduction for tips once a couple’s income passes $300,000, and the overtime deduction phases out at the same point
A married couple with income above $300,000 starts to lose the new federal deductions for tips and for overtime pay. The IRS says both deductions phase out at the same line: modified adjusted gross income over $300,000 for joint filers, and over $150,000 for taxpayers who do not file jointly. Below that line, the deductions…
-
The IRS lets a married couple who are both 65 or older take $12,000 off their taxable income through 2028 under the new senior deduction
When both spouses in a married couple have reached 65, the IRS lets them subtract $12,000 from their taxable income. That is the couple version of the new senior deduction, and it runs for tax years 2025 through 2028. It comes on top of the extra standard deduction seniors already get, and it lowers the…
-
Allegheny County residents 60 and up earning $30,000 or less can save up to $650
Of the property-tax breaks Allegheny County offers, Act 77 is the one that looks at a household’s income. The county Treasurer’s office says residents 60 or older with gross household income of $30,000 or less can receive a 30 percent discount on the real estate tax for their primary residence, capped at a $650 reduction…
-
Anchorage seniors can exempt up to $150,000 of assessed value by applying by March 15
Anchorage’s senior exemption takes dollars off a home’s assessed value, not off the tax bill, and the cap is $150,000. The Municipality of Anchorage Property Appraisal office says up to $150,000 of the assessed value may be exempt for an owner who is 65 or older, with applications due March 15 of the tax year…
-
New York City homeowners 65 and older with combined income up to $58,399 have until March 15 to apply for or renew the senior property tax exemption
The online application for New York City’s Senior Citizen Homeowners’ Exemption, known as SCHE, has been open since September 28 and closes March 15. Homeowners 65 and older whose combined income stays at or below $58,399 can apply or renew by that date, the city Department of Finance says on its SCHE page. The exemption…
-
The Trump administration would re-enroll Obamacare enrollees who skip a new yearly income check for 2028 without premium tax credits, under a CMS proposal
Auto-renewal could stop protecting premium tax credits if a new federal proposal becomes final. Under a rule the Centers for Medicare & Medicaid Services floated on October 23, 2026, an Obamacare enrollee who does not return for a yearly eligibility check would still be re-enrolled for 2028, only without the credits that cut the monthly…
-
Loudoun County homeowners 65 and older or disabled must file first-time tax relief applications by December 31, with full relief up to $87,000 income and $498,000 net worth
Loudoun County, Virginia, is taking first-time applications for its older-adult and disability real estate tax relief through December 31, 2026. Homeowners who are 65 or older, or permanently and totally disabled, receive a full 100 percent exemption on the home when household income is $87,000 or less and net worth is $498,000 or less, according…
-
The Trump administration proposes that Obamacare enrollees prove income, family size and residence before premium tax credits are paid, starting with 2028 coverage
Federal health officials want Obamacare shoppers to prove their income, family size and home address before a single premium tax credit is paid on their behalf. The Centers for Medicare & Medicaid Services announced the idea on October 23, 2026, as a proposed rule numbered CMS-9873-P. It is a proposal only, not a rule in…
-
Trump’s tax law gives people 65 and older a $6,000 deduction, but married couples must file jointly and list each qualifying spouse’s Social Security number, the IRS says
President Donald Trump’s tax law gives Americans 65 and older an extra $6,000 deduction on their federal return, and the IRS attaches two conditions for married couples. Spouses have to file a joint return, and that return has to list the Social Security number of each person who qualifies. The deduction applies to tax years…
-
Carson City veterans with a total service-connected disability rating can deduct $36,400 of assessed value, about $1,299 a year in property tax
A Carson City, Nevada, veteran with a 100 percent service-connected disability rating can deduct $36,400 of assessed value from a property tax bill. The Carson City Assessor’s office puts that at about $1,299 a year in property tax savings for fiscal year 2026/2027. Lower ratings carry smaller deductions, and the page lists each one. The…