By Alexander J. Obie, Staff Accountant While several tax provisions have been adjusted or expanded, many of the core elements introduced under the Tax Cut and Jobs Act of 2017 (TCJA) have now been made permanent by the One Big Beautiful Bill (OBBB). Below are some of those provisions: Individual Income Tax Rates The TCJA […]
By Robert J. Laino, Staff Accountant Enhanced Deduction for Seniors The OBBB introduces a new, temporary $6,000 deduction specifically for seniors age 65 and older (whether collecting Social Security benefits or not), effective for tax years 2025 through 2028. The senior deduction will phase out when the taxpayer’s modified adjusted gross income exceeds $75,000 for […]