Good news for seniors: Dr. Friday explains a new deduction for people 65+ on Social Security and how it can reduce your taxable income.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. Under the One Big Beautiful Bill, you have one thing that’s going to help people that are over the age of 65 and receiving Social Security.
People are a little confused. What’s this $6,000? What’s this $12,000? So it’s going to be added to your standard deduction. So if you’re 65 and you have a certain dollar amount, your standard deduction, and you have Social Security, you make less than $75,000 as an individual, less than $150,000 as a married couple, you will qualify.
If you’re both on Social Security, up to an additional $12,000 as a deduction. It is not additional money in your pocket per se, but it will reduce your taxes.
Got questions? Just call my office. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN .