Stated income mortgage loans present a simple solution for self-employed individuals. As the name suggests, these loans allow borrowers to declare their income without the extensive documentation often required, such as tax returns or bank statements. These loans are perfect for self-employed individuals with fluctuating or hard-to-document income.

According to the IRS, nearly 1 in 5 taxpayers find discrepancies in their tax documents each year, highlighting the need for thorough checks

Another common myth is that all federal tax refunds are calculated using a simple, uniform formula.

For qualifying taxpayers who have three or more qualifying children, the tax year 2025 maximum Earned Income Tax Credit amount is $8,046.