Older Americans who have a fixed income and are struggling with the cost-of-living crisis may get some financial relief from this bill’s new tax credits and deductions.

Those aged 65 and above can now claim a bonus tax deduction of $6,000 for single filers or $12,000 for joint filers. This is on top of the standard deduction, and the additional standard deduction — which Americans over 65 years old can claim (2).

Individual taxpayers who earn up to $75,000 or couples who earn a combined income up to $150,000 can claim the full bonus deduction.

The deduction is gradually phased out at higher income levels and is fully phased out for anyone earning over $175,000 individually or $250,000 jointly.

Besides this bonus, many seniors could also benefit from other deductions included in the bill.

Those with a car loan, for instance, can deduct up to $10,000 in interest payments if they meet certain eligibility criteria. The amount of state and local tax (SALT) payments that taxpayers can deduct from their federal taxes has also been raised, from $10,000 to $40,000.

However, several of these deductions have expiration dates. The SALT deduction is set to revert to $10,000 in 2030, while the auto loan interest deduction only applies to purchases from 2025 to 2028.

And the bonus deduction for Americans ages 65 and over? That measure expires in the 2028 tax year.

While many of these tax relief measures might seem attractive, they’re limited and temporary. For older Americans who qualify, there might be a short window to tap into these fleeting benefits.