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With more people earning money through gig work, freelancing and small businesses, understanding self-employment tax is increasingly important.

Here's where filers of the IRS tax form W-2 needs to start – with the wages and the taxes withheld from their paychecks.

If you’re a dependent, don’t simply compare your income with the regular $16,100 standard deduction for a single taxpayer in 2026 and assume you don’t need to file.

Self-employment isn’t the only situation in which someone may need to file even when their income is below the usual filing threshold.

The difference between refundable and nonrefundable tax credits matters. You may benefit from filing a return even if your income is low enough to make filing seem unnecessary.

Tax deductions and tax credits – both can lower your taxes, but they work in very different ways, and you don’t get to choose.

Don’t choose a tax professional just based on the initials after someone’s name. Not every certified public accountant specializes in tax.

Keeping the right records throughout the year can help you claim deductions and credits, calculate gains properly and avoid paying more tax than necessary.