6. Credit for the Elderly or Disabled
Lower-income seniors may qualify for a special tax credit that directly reduces taxes owed. Unlike deductions, credits reduce your tax bill dollar-for-dollar.
Eligibility depends on:
- Income level
- Filing status
- Retirement income sources
While not all retirees qualify, those who do can see meaningful tax savings.
Important: This credit is often overlooked, so it’s worth checking eligibility or consulting a tax professional.
