Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

6 New Ways Retirees Can Save on Taxes This Season

January 20, 2023 · Taxes
tax season, save
Photo by Isara naksanee from Shutterstock

#6 File your taxes on time to save money

This is the simplest way to avoid paying more taxes than necessary, and it’s also a great way to save that money for something else. After all, even if you do not think you will be able to file your taxes in time, it is very easy to file for an extension and then take your time to do your taxes. In the end, you’ll save your wallet, as well as stress and other financial issues.

If you do not file your taxes by your state’s deadline or by the extension in order to get more time to file them, you will face hefty fines and will end up having to pay even more than before simply because you did not do this. Being on time or getting an extension is going to be a lifesaver, and it is the best way to go, no matter what other methods you may be using to save some extra money.

If you apply for an extension, it would also be a good time to look into your tax credit and tax deductions so you have a better idea of how much you will have to pay in taxes. Tax deductions are going to cut down on the income from which your taxes are going to be calculated, while the tax credit is the one that is going to reduce the total income tax you will owe (if you need to brush up on your tax terms, make sure to read up on them ahead of time).

Like always, the deadline will vary state-by-state, but the estimated date everyone keeps in mind is April 18, 2023.

And to make sure that you are all set when the time comes to start filing, make sure you have covered all these preliminary steps ahead of time!

Pages: 1 2 3 4 5 6 7

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior man at a sunny kitchen table highlights a credit card benefits guide near travel brochures and his smartphone. 8 Credit Card Perks Seniors Forget to Use
  • A retiree in a cardigan sits at a sunny kitchen table, carefully reviewing bank statements with a red pen and a magnifying glass. 9 Bank Fees Retirees Still Pay Without Realizing It
  • A senior couple sits at a wooden table in a sun-drenched room, calmly organizing their financial documents and laptop. 10 Things Every Senior Must Do Before the End of the Tax Year
  • A calm retiree sitting at her kitchen table looking out a rainy window, symbolizing peace of mind during market volatility. 8 Ways Retirees Are Protecting Their Nest Egg From Market Swings
  • Close-up of a person's hand on a wooden table, circling 'Net Benefit' on a bank statement next to a morning cup of coffee. 9 Social Security Rules That Could Quietly Reduce Your Monthly Check
  • A retired couple reviews tax documents and a tablet together at a sunlit kitchen table in a candid, domestic scene. 6 Tax Breaks Retirees Almost Always Forget to Claim
  • A senior man looks concerned while checking his smartphone at a kitchen table in the early morning light. How to Spot a Financial Scam Targeting Seniors Before It's Too Late
  • A conceptual mixed-media collage showing a 2026 dollar bill being stretched between two drafting tools, symbolizing financial planning. 7 Ways to Stretch Your Retirement Dollar Further in 2026
  • A senior couple at a sunlit kitchen table reviewing Medicare documents and a laptop in a realistic, home setting. The Biggest Medicare Mistakes Seniors Make (and How to Avoid Them)
  • A person in their late 50s thoughtfully reviews Social Security paperwork at a sunlit kitchen table with a laptop and coffee. Social Security Mistakes That Could Cost You Thousands in Retirement

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

A graph showing the comparison between a standard deduction amount and itemized deductions for a retired couple, illustrating which option results in lower taxable income.

10 Overlooked Tax Deductions for Retirees

5. Investment Interest Expense This is a more specialized deduction that applies to retirees who…

Read More →
experts, reduce, change, taxes, home, income

Want to Reduce Your Taxes? Here Are 7 (Necessary) Tips 

6. Donate to charity Donating to charity will not only make you feel better knowing…

Read More →
social security, Social Security task

Who Will Receive Social Security Payments on May 13, 20, and 27?

Tips for Beneficiaries for May 2026 If you receive Social Security benefits, here are a…

Read More →
tax season, save

8 Tax Season Preparation Steps (2023)

6. Update Your Withholding or Self-Employment Payments Did you receive a refund in the past…

Read More →
retirees

Moving Abroad? These 9 Countries Don’t Tax Retirees at All!

6. Malta Malta is a small island nation floating in the middle of the Mediterranean…

Read More →
companies credit card

15 Companies That Will Take Care of Your Student Loans

Two smiling professionals review company benefits on a tablet while sitting in a bright, modern…

Read More →
tax tricks

8 Tax Tricks Rich People Use—and They Work!

Professionals brainstorm financial plans over coffee and pastries, unlocking the tax-saving secrets that help the…

Read More →
expenses to say goodbye to Kamala

American Economy if Kamala Harris Wins: A Breakdown

A shopkeeper and customer share a warm moment, illustrating the small businesses that drive community…

Read More →
Stimulus Check

These 18 States Are Sending Out Stimulus Checks Now!

6. Hawaii – $300 Allowance Payments In June, the Hawaii state legislature authorized a tax…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.