5 Common Tax Mistakes Boomers Make

Nov 28

Even the most organized person can slip up on taxes, especially as rules change from year to year. Here are the most common mistakes we see from older taxpayers and how you can protect yourself.

1. Missing Out on Deductions

Medical expenses, charitable giving, and property tax deductions add up. Many boomers overlook these simply because they aren’t sure what qualifies.

2. Not Planning IRA Withdrawals

Without a strategy, your withdrawals could push you into a higher tax bracket. A little planning can help spread out income and lower taxes over time.

3. Forgetting About Investment Taxes

Selling stock, cashing in dividends, or touching brokerage accounts can trigger capital gains taxes. Timing matters.

4. Filing Too Late

Life gets busy, but late filing can mean penalties and extra stress. Even if you can’t pay right away, filing on time helps you avoid unnecessary fees.

5. Not Asking for Help

This is the big one. Tax laws change constantly, and what worked 10 years ago may not work today. Asking a professional can save you time, worry, and money.