Seniors: Congress Just Changed Your Taxes

In this episode of Connecting the Dollars, Amanda Vaught and Emily Agosto discuss key tax law changes under the OB3 Act, focusing on the new senior deduction. They explain the eligibility for new deductions for those 65 and older starting in 2025, in addition to the existing deductions. The episode also covers phase-out income ranges, adjustments to tax withholdings, and changes to other tax credits and deductions including the child tax credit, energy credits, and charitable deductions. Emily provides strategic tips for those planning ahead for these changes. The episode concludes with a nod to the complexity and ever-changing nature of the tax code.