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The nuts and bolts of the new tax deduction - Thomson Reuters
When President Trump signed the One Big Beautiful Bill Act in July 2025, many seniors thought they would not have to pay taxes on their Social Security benefits; unfortunately, it did not eliminate taxes on Social Security benefits. However, for eligible seniors, the new senior deduction under the new bill can meaningfully reduce taxable income. Attached is an article by the Thomson Reuters Tax & Accounting firm breaking down the One Big Beautiful Bill Act’s Social Security tax deduction. To read the attached article, click here…
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