For Americans aged 65 and older, the IRS offers valuable opportunities to reduce taxable income and save on taxes. Through the additional standard deduction and enhanced catch-up contributions, seniors can strategically lower their tax burden.

Refund Anticipation Checks (RAC). The taxpayer’s refund is deposited into a temporary bank account, which the tax preparer uses to write a check (or give a prepaid card) to the taxpayer. Effectively, this option is a preparation fee loan as tax preparer costs are deducted before payment is made to the taxpayer.

Wondering where's my refund or how to track my state refund? Or how to file my taxes for free? Here's IRS tax refund schedule for 2025, what to know

Discover the basics of how the IRS tax refund works. Learn strategies for maximizing them and tips on how to use them wisely.