New Delhi, Oct. 15 -- The Internal Revenue Service (IRS) has announced inflation adjustments to several 2026 tax credits and deduction amounts. These include higher standard deduction amounts, new income tax bracket thresholds for 2026 and an increase in the extra standard deduction that taxpayers 65 and older are eligible for.

According to Kiplinger, many qualified retirees and older individuals may be able to reduce their taxable income by taking advantage of this additional standard deduction, which can be claimed in addition to the ordinary standard deduction.

In addition to those well-known yearly changes, the GOP's recently passed "Big, Beautiful Bill" adds a new bonus deduction for eligible older persons. Also accessible to itemi...