DK Bookkeeping Service

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10/07/2025

Bonus Senior Deduction: A new, temporary deduction of up to $6,000 for qualifying seniors. This bonus is per eligible individual and is not available to those who itemize.
The total deduction amounts, assuming your income is below the bonus deduction phaseout threshold, are:

Filing Status Base Deduction Additional Age Deduction Bonus Senior Deduction Total Deduction
Single $15,750 + $2,000 + $6,000 = $23,750
Married Filing Jointly (1 spouse 65+) $31,500 + $1,600 + $6,000 = $39,100
Married Filing Jointly (both 65+) $31,500 + $3,200 + $12,000 = $46,700
Head of Household $23,625 + $2,000 + $6,000 = $31,625

Income limits for the bonus deduction
The temporary $6,000 bonus deduction phases out for higher-income seniors.
For single filers and heads of household: The bonus begins to phase out if your Modified Adjusted Gross Income (MAGI) is over $75,000.
For married couples filing jointly: The bonus begins to phase out if your MAGI is over $150,000.
For every $1 your income is over these thresholds, your bonus deduction is reduced by 6 cents.

10/10/2022

The IRS has announced that Florida residents and businesses located within designated Federal Emergency Management Agency (FEMA) relief zones now have until February 15, 2023 to file their taxes. Accordingly, all counties within the state of Florida qualify for the newly extended due date. The postponed tax deadline includes tax filings and payments that have a due date starting September 23, 2022. The IRS will automatically provide the filing and penalty relief for any taxpayer with an address of record within a disaster area.

As part of the relief, 2021 individual income tax returns that were extended until October 17, 2022 are now due in February. However, since the 2021 tax payments were due by April 18, 2022, there will not be any late payment relief if remitted late. Furthermore, 2022 fourth quarter estimates due on January 17, 2023 are also extended to February 15, 2023.

Similarly, corporate tax filers with valid extensions through October 17, 2022 now have until February to file their returns. The relief also includes fiscal-year corporations that have due dates or extended due dates falling within the relief period.

Note that penalties for payroll taxes due on or after September 23, 2022 and before October 10, 2022, will be abated as long as the deposits are made by October 10th.

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