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7 Tax Mistakes That Could Cost You Money

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Don’t Make These 5 Common Mistakes on Your Tax Return Don’t Make These 5 Common Mistakes on Your Tax Return
The IRS warns taxpayers to watch out for these common errors as they prepare to file.
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Did You File Taxes Late? Here's What You Need To Know Did You File Taxes Late? Here's What You Need To Know
See what happens if you file taxes late. For one thing, the IRS can charge you penalties and interest, but there are steps you can take after filin...
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Tax season 2026: 8 tax pitfalls to avoid | Fidelity Tax season 2026: 8 tax pitfalls to avoid | Fidelity
Careful planning can help you overcome human error and missed opportunities.
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Taxes - NerdWallet Taxes - NerdWallet
Filing taxes can be challenging. Let's navigate it together this tax season.
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6 Common Mistakes When Filing Taxes That are Easy to Avoid 6 Common Mistakes When Filing Taxes That are Easy to Avoid
Every year, millions of taxpayers make mistakes on tax returns. Whether you reported income on the wrong line or made a math error, simple mistakes...
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Don't Overpay the IRS: 6 Tax Mistakes That Could Be Raising Your Bill Don't Overpay the IRS: 6 Tax Mistakes That Could Be Raising Your Bill
Is your income tax bill bigger than expected? Here's how you should prepare for next year.
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7 Tax Planning Strategies to Know in 2026 - NerdWallet 7 Tax Planning Strategies to Know in 2026 - NerdWallet
Tax planning isn't just for tax pros. Here are seven tax strategies and concepts that will help you do your own tax planning so that you can save m...
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Filing & Deadlines

Taxpayers who missed the April tax filing deadline should file as soon as possible | Internal Revenue Service Taxpayers who missed the April tax filing deadline should file as soon as possible | Internal Revenue Service
Tax Tip 2025-27, April 17, 2025 — Taxpayers who missed the April 15 filing deadline should submit their tax return as soon as possible. Those who m...
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Failure to file penalty | Internal Revenue Service Failure to file penalty | Internal Revenue Service
Calculate, pay or remove the Failure to File Penalty when you don’t file your tax return by the due date.
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What Happens if You Missed the Tax Deadline? What Happens if You Missed the Tax Deadline?
If you missed the tax deadline and owe the IRS money, it can cost you penalties and interest.
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Penalties | Internal Revenue Service Penalties | Internal Revenue Service
Understand the different types of penalties, how to avoid getting a penalty, and what you need to do if you get one.
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Guide to IRS Tax Penalties: How to Avoid or Reduce Them Guide to IRS Tax Penalties: How to Avoid or Reduce Them
What triggers an IRS underpayment penalty? Failure to file, underpayment of estimated taxes, and dishonored checks might result in a penalty. For m...
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IRS has options to help taxpayers who missed the filing deadline | Internal Revenue Service IRS has options to help taxpayers who missed the filing deadline | Internal Revenue Service
IR-2025-66, June 9, 2025 — The Internal Revenue Service today highlighted several resources to help taxpayers who missed the April 2025 federal inc...
www.irs.gov
Tax Season 2025 Is Here: Key IRS Changes to Know Before You File Tax Season 2025 Is Here: Key IRS Changes to Know Before You File
Tax deductions, tax credit amounts, and some tax laws have changed since you filed your last federal income tax return.
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How to File an Amended Tax Return with the IRS How to File an Amended Tax Return with the IRS
Making a mistake on your tax return isn't as big a deal as you might think. The IRS allows you to file an amended tax return to correct any errors ...
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Deductions & Credits

11 Overlooked Tax Deductions and Credits That Can Help Lower Your Tax Bill in 2026 11 Overlooked Tax Deductions and Credits That Can Help Lower Your Tax Bill in 2026
Don’t miss these often overlooked tax deductions and credits when you file your tax return this year.
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25 Popular Tax Deductions and Tax Breaks - NerdWallet 25 Popular Tax Deductions and Tax Breaks - NerdWallet
Tax deductions can lower the amount of income that is subject to tax. Here's more on how tax deductions work, plus 25 tax breaks that might come in...
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A Bunch of IRS Tax Deductions and Credits You Need to Know A Bunch of IRS Tax Deductions and Credits You Need to Know
Lowering your taxable income is the key to paying less to the IRS. Several federal tax deductions and credits can help.
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Popular Tax Credits for 2026 - NerdWallet Popular Tax Credits for 2026 - NerdWallet
A tax credit is a dollar-for-dollar reduction of a tax bill, which can reduce what a taxpayer owes or potentially increase their refund.
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Cost of Taking the Wrong Tax Deductions Cost of Taking the Wrong Tax Deductions
Taking the wrong tax deductions can cost you time and money. If you're depending on a tax refund, a tax return that is improperly filed can keep yo...
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Popular Tax Credits for 2026 - NerdWallet Popular Tax Credits for 2026 - NerdWallet
A tax credit is a dollar-for-dollar reduction of a tax bill, which can reduce what a taxpayer owes or potentially increase their refund.
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Self-Employment & Freelance Taxes

Estimated Tax Payments: How They Work and 2026 Due Dates - NerdWallet Estimated Tax Payments: How They Work and 2026 Due Dates - NerdWallet
Estimated tax payments are common for the self-employed or those not withholding enough. Estimated taxes are typically due April 15, June 16, Sept....
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Midyear Tax Planning 2026: Practical Steps That Could Help Lower Your Tax Bill This Year Midyear Tax Planning 2026: Practical Steps That Could Help Lower Your Tax Bill This Year
Midyear tax planning is a strategy that can help reduce your tax burden when tax season rolls around.
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Self-Employment Tax: Rates and Calculator - NerdWallet Self-Employment Tax: Rates and Calculator - NerdWallet
The self-employment tax is 15.3%, which is 12.4% for Social Security and 2.9% for Medicare. Generally, it applies to self-employment earnings of $4...
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Ten IRS Audit Red Flags for Self-Employed Individuals Ten IRS Audit Red Flags for Self-Employed Individuals
Taxpayers who file Schedule C with their Form 1040 have a greater chance of an IRS audit.
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Freelancer Taxes: A Guide for Filing With a Side Hustle - NerdWallet Freelancer Taxes: A Guide for Filing With a Side Hustle - NerdWallet
If you became a freelancer or independent contractor last year, here are a few ways that side gig might shift things this tax-filing season.
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Taxes - NerdWallet Taxes - NerdWallet
Filing taxes can be challenging. Let's navigate it together this tax season.
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Independent Contractor Taxes: A 2025 Guide - NerdWallet Independent Contractor Taxes: A 2025 Guide - NerdWallet
Learn more about independent contractor tax forms, deadlines, estimated tax payments and available deductions.
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Investment & Capital Gains Taxes

Capital Gains Tax Calculator (2026) Capital Gains Tax Calculator (2026)
Our capital gains tax calculator estimates capital gains tax on investments sold in 2026. The tax depends on time of ownership, taxable income and ...
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2025 and 2026 Capital Gains Tax Rates and Rules - NerdWallet 2025 and 2026 Capital Gains Tax Rates and Rules - NerdWallet
Capital gains tax is a tax on profits from asset sales. Long-term capital gains tax rates are 0%, 15% or 20%. Short-term rates equal ordinary incom...
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Capital Gains Tax Rates 2026: What You Need to Know Capital Gains Tax Rates 2026: What You Need to Know
The tax rate for a capital gain depends on the type of asset, your taxable income, and how long you held the property sold.
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Taxes on Investments in 2025-2026, and How to Reduce Your Bill - NerdWallet Taxes on Investments in 2025-2026, and How to Reduce Your Bill - NerdWallet
Taxes on investments include tax on capital gains, dividends, mutual funds, 401(k)s and home sales or real estate. What you pay depends on several ...
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Which Capital Gains Are Taxable and How to Calculate Your Tax Which Capital Gains Are Taxable and How to Calculate Your Tax
It's important to understand how to identify taxable gains and calculate your capital gains tax.
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Wash-Sale Rules | Avoid this tax pitfall | Fidelity Wash-Sale Rules | Avoid this tax pitfall | Fidelity
Wash sale rules prohibits selling an investment for a loss and replacing it with the same or a substantially identical investment 30 days before or...
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How to Avoid These Five Costly Tax Mistakes That Many Retirees Make How to Avoid These Five Costly Tax Mistakes That Many Retirees Make
Making incorrect assumptions about tax brackets, tax-loss harvesting, charitable giving, estate taxes and more can cost you big-time in retirement.
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Tax-loss harvesting | Capital gains and lower taxes | Fidelity Tax-loss harvesting | Capital gains and lower taxes | Fidelity
Curious about tax-loss harvesting? Learn how you can use tax-loss harvesting to offset a portion of any capital gains you've realized in this year.
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IRS Audits & Red Flags

What Are Your Chances of an IRS Audit? 15 Audit Red Flags What Are Your Chances of an IRS Audit? 15 Audit Red Flags
These red flags could increase your chances of the IRS selecting your return for audit.
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Fewer IRS Audits Doesn't Mean It's a Tax Cheat Free-For-All Fewer IRS Audits Doesn't Mean It's a Tax Cheat Free-For-All
Two things can be true at the same time. Yes, IRS is conducting fewer audits. No, it is not a free-for-all for tax cheats.
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How to Handle an IRS Audit of Your Tax Return How to Handle an IRS Audit of Your Tax Return
Keys to success in handling an IRS audit include being well prepared, establishing credibility, and keeping your wits about you.
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11 IRS Audit Red Flags for Retirees in 2026 11 IRS Audit Red Flags for Retirees in 2026
Retirees who think they can escape the IRS audit machine should think again.
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Ask the Editor: Could I Be Audited by the IRS? Red Flags to Know Ask the Editor: Could I Be Audited by the IRS? Red Flags to Know
In the latest Ask the Editor Q&A, our Tax Editor answers questions about your chances of an IRS tax audit and audit red flags you should know.
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Tax Software & Professional Help

How to Find the Best Tax Preparer Near You - NerdWallet How to Find the Best Tax Preparer Near You - NerdWallet
Ask for credentials, do a background search and compare fees to find the right tax preparer near you.
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This Proactive Tax Strategy Maximizes What You Actually Keep After Taxes This Proactive Tax Strategy Maximizes What You Actually Keep After Taxes
Integrating investment management and tax planning can make a big difference in the taxes you pay, especially during major financial events.
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Best Small-Business Tax Services of 2026 - NerdWallet Best Small-Business Tax Services of 2026 - NerdWallet
Compare small-business tax services: CPAs, enrolled agents and DIY software. Learn how to choose, what to ask and what to watch out for.
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Tax Season Is Almost Over, But Don't Forget About Your Taxes After April 15 Tax Season Is Almost Over, But Don't Forget About Your Taxes After April 15
Don't stop thinking about taxes after April. Year-round planning, especially in retirement, will help prevent nasty surprises when tax season rolls...
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Taxes - NerdWallet Taxes - NerdWallet
Filing taxes can be challenging. Let's navigate it together this tax season.
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2025 Year-End Tax Planning Can Protect You From a Big Tax Bill 2025 Year-End Tax Planning Can Protect You From a Big Tax Bill
Year-end tax planning is all-important. And with a short time left before 2025 comes to a close, here are some areas to focus on.
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10 Retirement Tax Plan Moves to Make Before December 31 10 Retirement Tax Plan Moves to Make Before December 31
Proactively reviewing your health coverage, RMDs and IRAs can lower retirement taxes in 2025 and 2026. Here’s how.
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Tax Planning & Strategy

Retiring Early? This Strategy Cuts Your Income Tax to Zero Retiring Early? This Strategy Cuts Your Income Tax to Zero
When retiring early, married couples can use this little-known (and legitimate) strategy to take a six-figure income every year — tax-free.
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Roth conversions and tax diversification | Fidelity Roth conversions and tax diversification | Fidelity
Discover how Roth IRA conversions can support tax diversification and why future tax rates matter when planning for retirement.
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6 Tax Reasons to Convert Your IRA to a Roth (and When You Shouldn't) 6 Tax Reasons to Convert Your IRA to a Roth (and When You Shouldn't)
Here’s how converting your traditional retirement account to a Roth IRA can boost your nest egg — but avoid these costly scenarios.
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Roth IRA conversion | What to know before converting | Fidelity Roth IRA conversion | What to know before converting | Fidelity
A Roth IRA, even via a conversion, has the potential to benefit your retirement and legacy planning. Read the 7 things you should know about Roth I...
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Tactical Roth Conversions: Why Now Through 2028 Is a Critical Window for Retirees Tactical Roth Conversions: Why Now Through 2028 Is a Critical Window for Retirees
The One Big Beautiful Bill (OBBB) extended today's low tax brackets, but they may not last. Here's how smart planning now can prevent costly tax su...
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7 Smart Money Moves for 2026 Retirement Planning 7 Smart Money Moves for 2026 Retirement Planning
Explore strategic financial moves from new tax breaks to Roth conversions and long-term care that can help boost income and reduce risk.
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When Tax Rules Collide: Don't Pay a 50% Rate on Your Roth Conversion When Tax Rules Collide: Don't Pay a 50% Rate on Your Roth Conversion
Extra income from Roth conversions can cause your marginal rate to spike far above your visible tax bracket. Here's what to watch for — and how to ...
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