As the 2026 tax season comes around, it’s important (as always) to be prepared. But there are a number of elements to consider when doing so, whether it’s factoring in new tax provisions, implementing organizational strategies, or even the timing of when you file.
Start by examining some of the most common mistakes people make when preparing for tax season. According to Melissa Jean Stewart, a Certified Financial Planner® professional and the Founder of ClearVista Advisors, four big mistakes often stand out.
- FILING TOO SOON
Start by making sure you have all your documents before you file your taxes.
“It can be easy to jump the gun when you get your W2, as we like our refund as soon as possible,” Stewart said. “However, if additional documents come in after you file your taxes, you may need to amend your tax return and potentially owe additional taxes, costing you both time and money.”
If you don’t amend your return with the information you forgot to include, Stewart explained, it could flag you for an audit.
“Some CPAs will send out a list of documents you need based on last year’s tax return. However, if you are not working with a CPA or do your own taxes, I recommend making a list of documents you need to gather each year from the financial institutions you work with as a reference.”
- OVERLOOKING INCOME
Don’t leave anything off the table.
“Income from side gigs, investments, freelance work, or even gambling winnings can be a red flag for an audit,” Stewart noted.
- MISSING DEDUCTIONS OR CREDITS
Ensure you’ve got all your credits, which might include some common options like: Earned income credit, child/dependent care credit, Saver’s Credit, American Opportunity Credit, and the Lifetime Learning Credit.
“Approximately 13% of Americans itemize their deductions. If this is you, be sure to review a list of the most common deductions,” Stewart said. “Two years ago, I replaced my air conditioner for my house, and I didn’t realize I was eligible for a deduction. Thankfully, my CPA was able to work her magic and add it to last year’s tax return.”
- NEGLECTING TO REVIEW YOUR RETURN BEFORE FILING
Take the time to ensure all information is accurate, especially names, Social Security numbers, and banking information.
“Tax returns can be intimidating, so if you’re unsure, reach out to a friend, family member, or tax advisor who can help you understand,” Stewart recommended. “One year, I forgot to update my banking information, and it was sent to a closed bank account, which rejected the refund, and the money was sent back to the IRS. The IRS then mails you a check instead, but this process can take months.”
TAX CHANGES AND UPDATES
“The Big Beautiful Bill, passed in July of 2025, included many new tax provisions,” Stewart said, sharing some of the most common updates the average American should make note of include:
- No tax on tips or overtime.
- Enhanced Senior Deduction for those over the age of 65.
- Expanded Child Tax Credit.
- Car Loan Interest Deduction (for new auto loans).
HELPFUL STRATEGIES FOR FREELANCERS AND GIG WORKERS
If your work is done on a freelance basis or you consider yourself a gig worker, there are some specific steps you can take now and future years to ensure you’ve covered all your bases.
“Set aside 25-30% of the income you earn in a separate savings account to pay for taxes,” Stewart recommended, adding that a solo 401(k) can also be a great way to lower your taxable income and save for retirement. “You may need to start paying quarterly tax estimates for the income you earn. Work with a CPA or tax advisor to determine if estimates are necessary.”
It’s also wise to track your income and expenses diligently.
“You may want to use a software, QuickBooks, or some banking services that provide this resource to you at no cost (examples include Capital One and Found Business Banking),” Stewart said. “Look up common items you’re allowed to expense when owning your own business. These may include home office expenses, business supplies and equipment, vehicle expenses, travel and meals, professional services (like hiring a CPA), advertising and marketing, insurance, internet, and phone.”
Ultimately, don’t wait to get your ducks in a row or hire a professional CPA or tax advisor who can help guide you.
This material has been distributed for informational purposes only, and it is not to be considered tax or investment advice. Contact a tax professional for tax advice. Melissa Stewart is an investment advisor representative of Dynamic Wealth Advisors dba ClearVista Advisors. All investment advisory services are offered through Dynamic Wealth Advisors.
Written by Sarah Suydam, Managing Editor for West Michigan Woman.
This article originally appeared in the Winter ‘25/’26 issue of West Michigan Woman.
