• As the de facto Democratic nominee, Vice President Kamala Harris' financial records are under fresh scrutiny.
• Her tax returns have been "fairly basic," according to Craig Hausz, CEO and managing partner at CMH Advisors.
• Still, there could be missed tax savings opportunities from her conservative approach, experts say.

Vice President Kamala Harris' personal financial records are under fresh scrutiny now that she is running for the highest office in the United States.

Experts say recent tax filings show she and her husband, Second Gentleman Douglas Emhoff, have largely kept their finances simple during her years as vice president.

"Her returns are fairly basic," said Craig Hausz, a certified financial planner and certified public accountant, who is CEO and managing partner at CMH Advisors in Dallas.

Yet that approach may have cost the couple as they left unclaimed tax savings through additional deductions, as well as other missed financial strategies.

The financial disclosures may raise few red flags in her career in public office. Unlike most other Americans, Harris and Emhoff can afford to avoid to miss those savings.

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"Even if she doesn't win president, as an ex vice president, she'll always have lots of money coming in," said Carolyn McClanahan, a CFP and founder of Life Planning Partners in Jacksonville, Florida.

"They will never lack for money, so they don't really need to worry too much about how [tax] efficient they are, or how much they save," said McClanahan, who is also a member of the CNBC FA Council.

Harris' office did not respond to a request for comment by press time.

The couple's recent tax filings mirror millions of other Americans', according to Boston-based CFP and enrolled agent Catherine Valega, founder of Green Bee Advisory.

"They took a conservative approach and that's the right thing to do," Valega said. "You don't see them trying to do anything super creative here to reduce their taxes."

What tax savings Harris may have missed

Overall, Harris' return could have been more aggressive to reduce tax liability, experts say.  

"Somebody in her position could probably take more deductions," particularly against her book income, Hausz explained.

To that point, Harris reported $7,272 in gross book income in 2023 with a single business deduction of $1,273 for "commissions and fees." By comparison, her 2021 book earnings were $452,664 with the same deduction worth $65,951.

"If I were advising her, I would say 'let's keep this as uncomplicated as possible, so there's no talking points,'" Hausz said. "She's done a very good job of that."

'A little too conservative' with cash

Another possible missed opportunity is Harris' cash allocations, with $50,603 in bank account interest reported for 2023, up from $6,054 in 2022, experts say.

Bank account yields have been higher after a series of interest rate hikes from the Federal Reserve. But Harris' jump in interest could mean they have significant cash allocations, which may be "a little too conservative," Hausz said.

"They've missed out on growth in the stock market," he added.

However, the cash allocation could be a good fit, depending on their short-term financial goals and other investments, Valega said.

Yields will fall once the Federal Reserve begins cutting interest rates again. In the meantime, earning $50,000 on Federal Insurance Deposit Corporation-protected cash is a "pretty good deal," she said.  

It is possible Harris and Emhoff may not be getting the best returns on their cash, depending on whether that money is locked up in certificates of deposit, or sitting in a lower-yield savings account, according to McClanahan.

Yet having lots of cash on hand may give them the financial flexibility they need, particularly as Emhoff took a big pay cut to become Second Gentleman, McClanahan said.

"It's good to have lots of cash when you're a politician, so you could stay out of trouble with meeting your expenses," McClanahan said.

More money toward retirement

Harris could also put more of her income in tax-deferred retirement accounts to boost her tax savings.

"Even though she could have put money in retirement plans, she didn't need to," McClanahan said.

Hopefully, Harris is maxing out a Thrift Savings Plan, a retirement savings and investment plan for federal employees, McClanahan said.

In addition, she could contribute to a simplified employee pension plan, or SEP, a variation of individual retirement accounts, to further boost her retirement savings, she said.

While those contributions may help Harris save on taxes, she already has retirement security through pensions from her time as vice president, senator and attorney general of California, McClanahan noted. In addition, she stands to receive Social Security benefits based on her payroll tax contributions to the program.