4 Common Mistakes You Should Not Make During Tax Season

Tax preparation requires some peculiar skills, including accounting, mathematics, paperwork, and most importantly, practical knowledge of the latest tax laws. Even though plenty of people try do their own, that not be the best of ideas.

Preparing the tax returns on your own can turn out to be a disaster. That said, even a minor mistake in calculation or comprehension of the tax-law can result in serious problems. It could lead to IRS opening an audit of your taxes to look through every detail.

Here are some common mistakes people make while preparing their tax returns.

1-Using wrong tax form

One very common issue people face is they don’t know which tax form they should use. It can be difficult for people because they have to choose from several options. One easier way to counter this problem is by using tax preparation software. The developers of these products regularly update them to make sure that you have the latest and correct tax forms.

Moreover, if you are still not sure about it, consulting a tax professional will be very helpful. Moreover, the IRS website will be a good option for guidance related to form selection if you are doing it on your own1.

2-Numbers/Figures Mix-up

Beyond the basic W-2 and 1099s which filling in details can be straightforward, there are other issues. A really sensitive or risk-prone part of the process because mathematical errors are always a possibility. If you are not well versed in doing this, you may end up making serious mistakes while calculating things. Moreover, if there is a discrepancy in your tax return, your amount payable or amount refundable can be negatively affected2.

3-Incorrect or Misspelled Name

Another very common mistake people make is misspelling their names while preparing their tax returns. Some people even file their tax returns with an incorrect name. For instance, the second name for females changes after getting married. Therefore, make sure that you are using the official name on your tax return3.

Your name and social security number must match, and it can cause serious problems if you failed to inform the Social Security Administration regarding your name change.

4-Not Adding Extra Income

You will also receive 1099 (for additional earnings) if you earned additional income apart from your regular job. So, when you are preparing your tax returns, make sure you have accounted for your additional income as well4.

The IRS also gets notifications about your additional earnings when you receive 1099. That means, if you failed to mention your additional earnings on your tax return, IRS would notify you about your mistake. This can consequently lead to tax penalties.

Try To Keep Your Tax Return Accurate

Having a good understanding of common mistakes people make in filing their tax returns and avoiding them is very important. You can always get help by searching for different options online. However, make sure you are hiring a trusted and reputable person or service.

1. https://www.irs.gov/newsroom/which-tax-form-should-you-file

2. https://www.neamb.com/personal-finance/4-tax-return-red-flags-that-could-get-you-audited

3. https://www.hrblock.com/tax-center/support/online/online-tax-filing/finalizing-online-return/tax-return-wrong-name/

4. https://smallbusiness.chron.com/happens-dont-report-self-employment-income-16135.html

5. https://blog.taxact.com/dont-make-these-mistakes-on-your-tax-return/


Looking for help paying property taxes? Here’s how to find relief

Property taxes are like hidden fees that you must pay if you own any type of real property. Not only are property taxes a burden on all homeowners, they can be more challenging for seniors. The market value of your real estate increases over time, it also increases the taxes you pay, and sometimes owning a home seems impossible.

If you’re having a tough time with your property taxes, here are some options you can try:

Reassessing the value of your property

Assessing the estimated value of your home or property is an important factor in determining your property tax. Fortunately, if these taxes are high, you can reassess the value of your property1. For that, you will need a real estate agent or a real estate appraiser who has enough experience in this field. The market value assessor will compare your home to similar properties in your neighborhood or city and how much they are worth. This helps the appraiser estimate a more accurate market value for your home.

Get help with a tax relief program

Getting help from a tax relief program is another good option if you are having trouble paying your property tax2.

Property tax relief programs are different in different states or even counties. However, these programs are very effective in freezing, reducing, or even granting you tax breaks; Just search for a suitable tax relief program online. For example, Tennessee offers a tax relief program in more than 20 counties. If you live in New York, Los Angeles, or Austin, and many more cities, you can check with your city or county which tax relief programs are available. This can help you lower your property taxes by thousands of dollars.

It is possible to freeze property taxes, which limit the property tax in question to a specific amount. Also, the property tax relief removes or reduces the amount of the tax. This option is available to homeowners who meet the qualifying criteria.

Be on the lookout for exemptions

Some counties, cities, or states grant different types of exemptions if you qualify for the required criteria3. For example, you are eligible for exemptions if:

  • You have specific disabilities or abilities.
  • You are a senior citizen.
  • You are military service personnel or a veteran.
  • Lives or resides on farm property.

If you fall into any of the above categories, please contact your local tax authorities.

Appeal your tax bills

There is another feasible option available if your efforts to reduce your property tax have been in vain. You can use the Tax Appeal option to appeal the property tax. With this option, you can save thousands of dollars4.

Hire an attorney, and he / she will guide you through the entire process, for example you may need pictures of your property / home, take notes on the condition of your home, or even have a new appraisal.

Once the local tax board receives your appeal, they will review it, but this process can take weeks or even months. If the board approves your appeal, it will reduce the amount of property tax and the value of your property.

Find discounts

There are several options that can help you save money on your property taxes; you just have to keep looking for them. You can search for those options locally or in your home state. Also, keep searching online platforms for any type of tax relief available.


Tax Prep Companies are offering Massive Tax Refund Advances

It is safe to say that nobody feels happy when the tax season is approaching. Filing a tax return can be an unwanted task, but it can be surprising because you may owe more than you expect. On the other side, you may get tax refunds as well, and you can get even thousands of dollars even without waiting long.

Often tax refunds don’t always arrive fast enough. It can take several months to get your refund from the IRS. There is a way you can get your money much faster. That is a tax refund advance.

Tax Refund Advance- Defined

Tax refund advance can be defined as getting money (tax refund) earlier than expected or due on the IRS’s part. But how? Well, many tax prep companies can give you advance money even before the refund is due. Then, when the tax refund funds are available, these companies deduct the amount you have already borrowed1.

Generally, these companies make the funds available to you in 24 hours or so, and most don’t charge interest. These tax advances can be up to several thousand dollars2. However, these companies have other terms of services. That said, you will have to pay the company a fee for preparing and filing your tax returns or other tax requirements if you take an advance refund from them3.

How Can You Get A Tax Refund Advance

Currently, there are many tax prep companies in the U.S offering these services in the tax season.

Turbo Tax

There are several better ways to prepare and file your taxes, and Turbo Tax is one of them. If you are eligible, you can get an advance between $250-$3000, and after filing your taxes, you will get the funds within two days4.

Eligibility Criteria

To Qualify for Turbo Tax, you must meet these conditions:

  • The minimum expected tax refund must be $500
  • You have to use the Turbo Tax option for filing your taxes.
  • You have the approval for Turbo Visa Debit Card
  • You are a resident of any of the accepted states

Jackson Hewitt

There are two types of tax refund advances in this option

  • No fee refund loan
  • Early refund advance loan

There is zero percent interest on these options, and the maximum advance limit is $40005.

Eligibility Criteria

To qualify for this option, you must meet these requirements:

  • The minimum expected tax refund must be $300
  • Office of Jackson Hewitt prepares your taxes/tax returns
  • You have W2, Pay subs, or any other verifiable income source

H&R Block

You can get this service if your taxes are prepared at an H&R Block office. With this option, you will need a Prepaid Mastercard to get an advance refund of up to $3200 within 24 hours6.

Eligibility Criteria

You must fulfill these conditions to qualify:

  • The minimum expected refund must be $500
  • Your tax returns are prepared at the H&R Block office
  • You must fulfill specific credit requirements

Get an Advance on Your Refund This Year

Tax prep companies have made it easier to get some or all of your tax refund in advance. But you can get these services if you are proactive. Companies offer these services in the early tax season. Mostly, these advance refunds are available as long as companies have available funds. Therefore, act smart and get an advance tax refund as early as possible.

1. https://www.thebalance.com/refund-anticipation-loans-315626

2. https://www.nerdwallet.com/article/loans/personal-loans/tax-refund-loans-give-cash-now-to-early-filers

3. https://www.credit.com/taxes/what-is-a-tax-refund-advance-loan/

4. https://turbotax.intuit.com/refund-advance

5. https://www.jacksonhewitt.com/refund-advance/

6. https://www.hrblock.com/offers/refund-advance/


Take Advantage of These Checking Account Promotions Right Now

A lot of banks are now offering checking account promotions which you must hurry and make use of before it is over. It is currently the best time to open a new checking account as all banks want your business.

There are currently plenty of bonuses, promotions and actually free cash. Here are some of the top of promotions we shortlisted for you:


As long as you haven’t been a Wells Fargo customer within the last year, you can sign up for an Everyday Checking account and earn $400 with a simple $25 deposit and direct deposits totaling at least $4,000 within the next 90 days1.


By opening a new Convenience Checking account, you can earn $150 by making direct deposits totaling $500 within 60 days. They also offer a Beyond Checking account where you can earn $300 by making $2,500 in direct deposits within 60 days2.


Customers new to Chase can earn $300 with a Premier Plus checking account or $200 by opening a Total Checking account. To earn the bonus, customers must have a direct deposit made within 90 days of opening the account3.


New Customers can open a Basic Banking checking account and earn a bonus based on their initial deposit. $5,000 earns $200. With an account package (checking and savings), a $15,000 deposit earns $400. If you choose a Priority Account, depositing $50,000 will earn $700. Bonuses are paid within 3 months. Basic Banking fees are waived with a single direct deposit per month and a minimum $1,500 monthly balance. Account and Priority fees are waived by maintaining a $10,000 and $50,000 balance respectively4.


Customers can receive a cashback of up to $225 upon opening an Advance checking account at HSBC is they receive a total of $500 over 3 consecutive direct deposits or $475 for opening a Premier checking account if they then receive a total of $5000 over 3 consecutive direct deposits. This offer is good through June 29th5.


If you open a new U.S. Bank Consumer Checking account by June 29th, you could earn up to a $300 cash bonus by making direct deposits of at least $2,000 within 60 days and enroll in their mobile app6.


We surely mentioned the best of the lot but there are plenty more account promotions being offered by multiple banks. Make sure to thoroughly research before availing one.

A checking account is surely the right step if you are planning to organize your finances and save a little at the end of the year. Rewards and bonuses come and go fast so make sure to act quickly and avail these amazing offers!

1. https://www.wellsfargo.com/checking/

2. https://www.td.com/us/en/personal-banking/earn500/

3. https://accounts.chase.com/consumer/banking/online/seopp

4. https://banking.citi.com/cbol/checking-tiered-offer/

5. https://www.us.hsbc.com/checking-accounts/campaigns/offers/

6. https://www.usbank.com/splash/checking/checking-offer-may2020.html