Episode 134: Senior Tax Breaks, Farm Gains, and the IRS Shake‑Up
About this episode
This episode covers new tax breaks for seniors, updates on IRS processing issues, and implications of recent tax policies.
In this episode: Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability. A look at the proposed depreciation of primary residences , a radical idea never seriously floated in prior administrations. Update on student loan garnishments : 2025 refunds will not be seized for defaults, offering temporary relief to millions. Confirmation that military housing dividend checks ($1,776) are non-taxable . New installment option for taxes on the sale of qualified farmland to other farmers , under strict use restrictions and the new Section 1062. Tax implications of NIL (Name, Image, Likeness) income for college athletes, including federal taxability and potential self-employment tax. Discussion on IRS readiness issues: 2M+ unprocessed returns , phone line service drops, and staffing shortfalls. Urgent heads-up: IRS is now using processing date—not postmark date —for paper filings, emphasizing the importance of e-filing or certified mail.
People in this episode
Host: Faw Casson
Topics covered
- tax breaks for seniors
- IRS updates
- student loan garnishments
- tax implications for college athletes
- depreciation of primary residences
- military housing dividends
- qualified farmland sales
Mentioned in this episode
Organizations: IRS
Products: Senior Deduction, NIL (Name, Image, Likeness), military housing dividend checks, Section 1062
Places: United States
More episodes of Accounting and Accountability
- Episode 140: Fewer Audits, More Red Flags: What's Really Changing at the IRS
- Episode 139: Avoid IRS Penalties!
- Episode 138: Tax Traps and Smart Moves: What Taxpayers Should Fix Before It Costs Them
- Episode 137: The Tax Breaks You're Probably Missing, and the Tech That's Changing Everything
- Episode 136: March Madness for Taxes: Deadlines, Deductions, and Costly Mistakes to Avoid
- Episode 135: Before You File: The Tax Law Changes High Earners Can't Afford to Miss
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