The Green House

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Five most common mistakes people make on tax return

When it comes to applying to the tax rebate program, many people fear that they would encounter certain problems with their papers that would not allow them to benefit from a rebate or a return. Whether you have just renovated your house or you are a new homebuyer, you need to know what the five most common mistakes to avoid are. First time home buyers rebate program implies having many properly filled in papers and well prepared documentation. These things are mandatory in order to benefit from your tax return. Below are some common mistakes you need to bear in mind when applying for this program.

Misspelled or missing names

When filling in the papers, it is highly important to pay attention to what you are writing. Make sure you write your name correctly and that there are no spelling errors. Check the forms even four or five times, if it is necessary to verify if the information you have filled in is the correct one. Many problems related to names have made this process take longer than it should have, especially in the case of those who had their names changed after marriage or divorce and had not notified the responsible persons from the Social Security Administration.

Math errors

Taking into account that you would have to work with many numbers it might be possible to do some math errors. It is important to have the right numbers. If the people to whom you take your file check it and find math errors, they will automatically recalculate your numbers, a thing which might turn or not into your advantage. In case of first time homebuyers, it is crucial to have the arithmetic double-checked before filing.

Filing the papers late or never

Filing the papers late or even never filing them at all are two bad ideas. If you want to benefit from the tax rebate program, you need to stick to the deadline and make sure you file the papers in time and not leave everything on the last moment. If you have a few more days before the deadline, you have more time to correct the potential errors that might have slipped in the forms. This way, you would not have to panic the moment you find out that some files need to be revised.

Not reporting all your income

Keep detailed records on all your income sources. When filling the papers, you have to add every income source you might have. Some people forget adding them, especially if these income sources are not their regular jobs. This might happen in the case of rental income, dividends or the money you earn from side jobs. Keep in mind that you have to report accurate information.

Not filing the correct status

Make sure the status you are filing in is the correct one. Problems might occur for instance in the case of single parents who do not choose head-of-household as their status on those papers. It is advisable to pay great attention when filling in these forms.

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