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Your email address will not be published.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

  • Cardboard package with a crossed-out $139 tag peeled back to reveal $69 and $0, beside branching blue and yellow arrows. 5 Tricks for Getting Amazon Prime Free or Cheap
  • A postal worker wearing glasses sits in a breakroom reading a Social Security monthly benefit statement. Your Social Security Check Could Drop $459 a Month by 2032 Unless Lawmakers Step In
  • Stylized calendar archway dated 01 and 15 over a split highway leading toward a sunrise and city skyline. Government Benefit Deadlines Coming Up Right After the New Year
  • Calendar grid with a green federal direct deposit ribbon interrupted by a red pause symbol on a Wednesday date. Surprising Things That Can Pause Your Social Security Deposit
  • Industrial blade marked with a cross cutting retirement benefit sheets that drop into a domestic ledger cart. 9 Reasons the Medicare Premium Announcement Matters More Than the COLA
  • Illustration of a man with a magnifying glass inspecting a phone displaying water and an alert buoy anchored to the seabed. 8 Ways to Check Whether a Payment Message Is Real
  • A balance scale weighs a 3.6% COLA circle against icons of utilities, groceries, and a prescription bottle. 10 Things the 3.6% COLA Will and Won't Cover in Your 2027 Budget
  • Cutaway illustration of a lit house at dusk showing home offices, storage boxes, and a sign reading "$200 / DAY, $6,000 / MO". 8 Ways to Bring In $200 a Day Without Leaving Home
  • Illustration of storefront windows with Early Access and Doorbusters signs on an autumn street beside a calendar. 10 Stores With Early Black Friday Deals Worth Checking
  • Older woman wearing glasses seated on a wooden bench, reading a Medicare & You booklet with a budget notepad on her lap. 9 Medicare Plan Comparisons That Save Money

Newsletter

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

Related Articles

Watercolor illustration of a senior couple walking down a trail past milestone markers labeled 2027, Tax Policy, and 2028.

What Are the Projected IRMAA Brackets for 2027 and 2028?

Learn the projected Medicare IRMAA brackets for 2027 and 2028, how the two-year lookback works,…

Read More →

Are You a Homeowner? Here Are 5 Trump Tax Bill Changes That Could Affect You

Final Thoughts: Smart Planning Is More Important Than Ever Trump’s 2025 tax overhaul delivers both…

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 →
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 →
Tax

5 Tax-Efficient Ways to Share Wealth with Kids

A mother watches her son play outside, considering how smart tax planning today secures his…

Read More →
tax deductions, save

Top 9 Most Hassle-Free Deductions on Taxes

Child and dependent care tax credit A tax credit is way better than a tax…

Read More →
A graph showing IRS income thresholds for determining the taxability of Social Security benefits for single filers and married couples filing jointly, along with the corresponding tax percentages.

The Tax Implications of Your Social Security Benefits

What About State Taxes on Social Security Benefits? So far, everything we’ve discussed applies to…

Read More →
A retired couple reviews their tax documents and budget at a sunlit wooden kitchen table in a warm, candid photographic scene.

7 Signs Your Tax Withholding Needs Adjusting in Retirement

Learn 7 key signs your retirement tax withholding needs adjusting. Avoid IRS penalties and optimize…

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 →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.