News
Monday July 14, 2025
Giving Impact
Thank you for your interest in Bozeman Health Foundation. Our hope is to serve you and your family with helpful information.More |
Savvy Living
Can you recommend golf gadgets that can help older golfers? I like to walk the course, but I have back problems that...More |
Washington News
While there had been discussion of eliminating tax on Social Security, a compromise in Congress was to provide individuals over age 65 with a $6,000 Senior Deduction added to the standard deduction. This added deduction is available for 2025 through 2028. The $6,000 Senior Deduction phases out at a rate of 6% of the excess amount for single taxpayers with incomes over $75,000 and married couples filing jointly with incomes over $150,000. The deduction is fully phased out for single taxpayers with incomes over $175,000 and married couples filing jointly with incomes over $250,000.
The effect of this $6,000 deduction will reduce taxes for many taxpayers. Here are some scenarios to consider:
Susan/Single. Susan is age 78, has Social Security of $28,000 and other income for a total of $34,000. A single senior has a 2025 standard deduction of $15,750, an existing $2,000 deduction for those 65 and over, plus $6,000, for a total of $23,750. Because her combined income is over $25,000, part of her Social Security is tax-free and part is taxable. With her standard deduction, tax-free...More |
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Personal Planner
"Who should receive my property?" Helen asked her attorney, Clara. "There are so many decisions to make....More |
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