Minnesotans who are in the process of filing their taxes for 2025 have some new rules to be aware of.
U of M Business Taxation program director David Horn says many seniors are seeing a sizable benefit from a new deduction for 2025…
“If you’re 65 or older, you can deduct up to $6,000 in addition to your standard deduction, which is also boosted for seniors depending on your filing status. And depending on your income level, these deductions may be phased out, but for most taxpayers, you know, middle class, lower income taxpayers, they shouldn’t run into any issues.”
Horn says another new change for those who receive tips is that many can deduct up to $25,000 of their tipped income and many taxpayers may also deduct up to $12,500 of their overtime income.
(content: in part, courtesy MNN)
