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.

If you're like most homeowners, real estate is the most valuable financial asset you own. As you make mortgage payments and property values increase, home equity grows, creating opportunities to strengthen economic security and even pass wealth to the next generation.Understanding how to build and use home equity can help you make smart financial decisions that benefit both your present and future.

Congratulations to all new homeowners in the Washington, D.C. area! While you're busy settling in and making your house a home, don’t forget that there are potential tax benefits waiting to be unlocked. It's time to dive head-first into the world of tax deductions, programs, and housing allowances that could help to ease your financial burden and have some money left in your budget for repairs and home decorating.

Owning your home means assuming many responsibilities, but it also brings a host of potential tax benefits to the table. As a homeowner in Washington, D.C., or the surrounding area, you could be eligible for multiple tax deductions and housing programs designed to help reduce your tax burden. The key to reaping all those benefits is understanding which home-related expenses are deductible and which ones aren't.