Key takeaways
- Math errors are common, but missed opportunities for deductions and credits can also impact your wallet.
- Calculating the taxes due on your investments starts with getting the tax forms you need and understanding a few key concepts, like holding periods, cost basis, and wash sales.
- To maximize deductions, be aware of what you qualify for and the key deadlines involved.
- To reduce the possibility of mistakes, make sure to educate yourself on your tax liabilities and double-check your tax returns.
