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
IRS, save
Photo by Pickadook From Shutterstock

#1 Review all your securities, stock performance, and mutual funds

Have you heard of tax loss harvesting? If you have securities, mutual funds, and stocks, you may be able to reduce your tax bill and save some money through this procedure. Tax loss harvesting is a procedure that implies selling stocks and other investments of the sort that are underperforming.

By selling this stock, for example, because it is losing you money instead of creating it, you can use the loss it created to reduce the tax that you will be hit with on your capital gains. You can end up offsetting up to $3,000 of your ordinary income if the investment you sold qualifies for tax-loss harvesting.

The best way to make sure that this method of saving money works for you is to talk with a tax professional so that they can guide you and give you an accurate action plan.

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Your email address will not be published.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 warm, candid photo of a smiling senior woman at a market checkout counter, handing a canvas bag to a cashier in soft morning light. The Best Retail Discounts Available to Seniors
  • An elegant watercolor and ink illustration depicting stylized plants representing different income streams like fixed income and dividends. The Supplemental Income Sources Available Today
  • An older woman sits thoughtfully at her kitchen table looking at a paper bill in warm afternoon light. What a Smaller COLA Could Mean for Your Budget
  • Gouache illustration of a couple nurturing a golden plant protected by a glass dome labeled Tax-Free Shield. The Retirement Planning Move That Pays Off Later
  • A retired couple confidently reviews financial documents together in their sunlit, cozy living room. How to Protect Your Retirement Income From Inflation
  • A stylized risograph illustration of a giant red balloon with a percent sign pulling a shopping cart upward as a person tries to hold it dow What Happens If Inflation Keeps Rising?
  • The Retirement Income Mistake That Could Cost You Thousands The Retirement Income Mistake That Could Cost You Thousands
  • An older couple sitting at a wooden kitchen table reviewing their finances with a calculator and bank statements in warm morning light. Could Your Social Security Check Change Next Year?
  • A warm, textured paper collage showing scissors trimming a receipt alongside icons of a house, car, and grocery basket. 7 Purchases Retirees Are Cutting Back On
  • An illustration of a classic mailbox with an envelope reading 'Social Security Update: Proposed Boost' under warm morning light. Congress Is Considering a Bigger Social Security Raise Than the COLA - Here's What We Know

Newsletter

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

Related Articles

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 →
Tax credits, reduce, veteran, climate return

8 Legal Ways in Which You Can Reduce Your Taxes

A hand inserts a coin into a slot, surrounded by icons for housing, healthcare, and…

Read More →
income tax, change

These 9 States Have No Income Tax

Everyone wants to have their tax rates reduced. But this isn’t as impossible as some…

Read More →
Kamala Harris taxes

Will Kamala Harris Raise My Taxes?’ Let’s Find Out!

Vice President Kamala Harris revealed some of her ambitious proposals as part of a future…

Read More →
refund

All About Tax Refunds: 7 Important Things You Need To Know

A woman uses a stylus and tablet to review financial documents, staying organized to avoid…

Read More →
tax breaks for retirees

Over 65? Check Out These 5 Tax Breaks!

If you want to save some money, you need to know that there are many…

Read More →
prepare early for the tax season avoid

8 Unexpected Reasons to Prepare Early for The Tax Season

When is the earliest date for tax filing? Although the precise start of tax filing…

Read More →

Warning: 9 Reasons The IRS Can Audit You Anytime

1. Making math errors When you file taxes, you shouldn’t make any errors, and by…

Read More →
tax deductions, save

Top 9 Most Hassle-Free Deductions on Taxes

State sales taxes This example probably makes a lot of sense for those who live…

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.