The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced several new tax provisions that affect both individuals and businesses. Among the most significant for retirees is a brand-new deduction aimed at seniors. Starting with the 2025 tax year, taxpayers age 65 and older may qualify for an additional deduction of up to $6,000 for single filers or $12,000 for married couples filing jointly if both spouses meet the age requirement.