Episode 134: Senior Tax Breaks, Farm Gains, and the IRS Shake‑Up

In this episode:  Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability. A look at the proposed depreciation of primary residences, a radical idea never seriously floated in prior administrations. Update on student loan garnishments: 2025 refunds will not be seized for defaults, offering temporary relief to millions. Confirmation that military housing dividend checks ($1,776) are non-taxable. New installment option for taxes on the sale of qualified farmland to other farmers, under strict use restrictions and the new Section 1062. Tax implications of NIL (Name, Image, Likeness) income for college athletes, including federal taxability and potential self-employment tax. Discussion on IRS readiness issues: 2M+ unprocessed returns, phone line service drops, and staffing shortfalls. Urgent heads-up: IRS is now using processing date—not postmark date—for paper filings, emphasizing the importance of e-filing or certified mail.