5 Overlooked Tax Deductions for Retirees That Could Save Them Money

State income taxes present an additional challenge for seniors, as the tax landscape varies across states, influencing their overall tax obligations. While some states extend tax benefits to seniors and exclude social security income from taxation, others lack such provisions. Moreover, several states offer senior tax exemptions linked to income thresholds.

Seniors with lower incomes might qualify for partial or complete exemptions from specific state taxes, such as income or property taxes. Additionally, certain states grant property tax exemptions or reductions to seniors, promoting housing affordability. Sales tax exemptions on specific goods and services tailored for seniors are also implemented in some states. To optimize tax advantages, seniors and their families should be informed about these exemptions and explore ways to leverage them effectively.