Tax Breaks for Seniors and Parents You Shouldn't Miss

A return that looks familiar is not always a return that is correct this year.

This is one of those tax topics where people assume someone else will tell them if they qualify. Do not rely on that.

If you are 65 or older, the IRS says there is a new enhanced deduction for tax years 2025 through 2028. Eligible taxpayers may claim an additional $6,000 per person, or $12,000 for a married couple if both spouses qualify and file jointly. The deduction is available whether the taxpayer itemizes or takes the standard deduction, and it phases out above $75,000 MAGI or $150,000 for joint filers.

If you are filing as a parent or family, the IRS says the Child Tax Credit is worth up to $2,200 per qualifying child for 2025, and the Additional Child Tax Credit may provide up to $1,700 refundable per qualifying child, depending on income. The IRS also says Schedule 8812 is the form used to figure the Child Tax Credit, Credit for Other Dependents, and Additional Child Tax Credit.

There are other family-related items worth reviewing too. The IRS says the Credit for Other Dependents can be worth up to $500 per dependent who does not qualify for the Child Tax Credit, and the Child and Dependent Care Credit is based on income and a percentage of qualifying care expenses paid so you can work, look for work, or attend school.

The bigger point is simple: family-related tax benefits are often missed because people file on autopilot. Age, filing status, dependents, and income can all change what applies. This is the season to review, not race.