Society of Certified Senior Advisors: Simple Tax Strategies to Keep More of Your Money

Review this checklist every February to ensure you are taking full advantage of tax-saving opportunities.

Use this simple one-page guide to reduce your tax burden and keep more of your money. These strategies are easy to understand and implement for seniors, families, and small business owners.

1. Max Out Tax-Deductible Contributions

Contributing the maximum allowed to retirement accounts like IRAs and employer plans can lower your taxable income while strengthening your long-term financial security.

Increase contributions to your 401(k), 403(b), or traditional IRA.
Even a 1–2% increase can lower your taxable income.
Check if you qualify for catch-up contributions (age 50+).

2. Use Tax Credits

Tax credits directly reduce the amount of tax you owe, dollar-for-dollar, making them one of the most powerful tools for keeping more of your money.

Earned Income Tax Credit (EITC).
American Opportunity Credit (education).
Child Tax Credit (grandparents raising grandchildren may qualify).
Energy-efficient home improvement credits.

Where To Turn for Free and Low-Cost Tax Preparation

Tax preparation doesn’t have to break the bank; in fact, many seniors are eligible for free or low-cost tax prep services. Here are a few places to look for affordable tax assistance in your community.

Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). For more than 50 years, the IRS has funded these volunteer-run programs at local organizations, with a focus on households making under $67,000, taxpayers with limited English, and people with disabilities. TCE specializes in tax issues important to older adults, like Social Security and pensions, but any VITA site should be able to assist with those questions. Use the locator tool to find a VITA/TCE site near you for free tax prep.
Your local library. Many library systems provide free tax prep for low-income households, often through VITA. If they don’t offer it themselves, they’ll refer you to other local providers. (Just one more reason to love your library!)
AARP’s Tax-Aide program. You do not have to be an AARP member to take advantage of their IRS-certified volunteer-run Tax-Aide program. They provide free tax assistance to anyone, with a focus on people over 50 years old who have low income.

3. Track Deductible Expenses

Keeping good records of eligible expenses such as medical costs, charitable giving, and business or volunteer mileage can significantly reduce your taxable income.

Medical and dental expenses.
Charitable donations (cash, clothing, household goods).
Property taxes and mortgage interest.
Business expenses (home office, mileage, supplies).
Keep receipts in a simple envelope or digital folder.

4. Review Withholding & Estimated Taxes

Regularly checking your tax withholdings or estimated payments helps prevent surprise tax bills and keeps your cash flow on track throughout the year.

Use the IRS withholding calculator.
Adjust W-4 if you owed taxes last year.
Self-employed? Double-check quarterly estimated payments.

5. Use Tax-Advantaged Accounts

Accounts like HSAs, FSAs, and 529 plans allow your money to grow tax-free when used for qualified healthcare or education expenses, creating smart savings at any age.

HSA: Save pre-tax dollars for medical expenses.
FSA: Use funds for childcare, medical, dental needs.
529 Plans: Tax-free growth for education savings.

April 15 always arrives before you know it. We hope that by keeping this checklist handy, you maximize your savings for tax year 2025.

This article is not intended to be a substitute for professional financial advice from a qualified financial advisor.