New tax deductions for overtime pay, tips, seniors, and car loan interest don’t disappear immediately when income crosses a line. Some deductions, such as one for those 65 and older, end up being ...

The deduction is designed to help seniors reduce their taxes through 2028. The lowest-income seniors are unlikely to benefit from the deduction. Experts worry about the impact the tax break will have ...

A new tax form, Schedule 1-A, introduces four new deductions for the 2025 tax year. All four write-offs are "below-the-line" deductions, which reduce taxable income but not adjusted gross income. Each ...