Hello,we filed jointly: my husband is self employed and he turned 65 in May this year and still planning to continue working. What are the breaks and new changes that we can take advantage with the big beautiful bill. I work full time and report w2. We take the standard deduction and we report expenses.
Thank you!
Norma
In addition, a more accurate answer to your question can be provided by consulting a Tax Professional or Advisor who has access to all the details of your unique situation. You have been provided with a general overview to give you a better understanding of the tax changes.
You'll definitely be eligible to use the new senior deduction to reduce your taxable income if you fall under the income threshold. You can read a good overview of everything here.
Some of these other provisions may impact you:
We also have this Free Tax Reform Calculator that you can create a custom scenario in.
Hope this helps!
Cindy