Jackson Hewitt Outlines Important Tips for Last-Minute Tax Return Filers

PARSIPPANY, N.J., April 9, 2009 /PRNewswire-FirstCall via COMTEX/ -- JTX | Quote | Chart | News | PowerRating -- Today kicks off the final week of tax season 2009; and with just seven days left, millions of consumers have yet to file an income tax return. For those people, the last few days before the official deadline could prove to be nerve-racking. Jackson Hewitt Tax Service(R) has outlined important tax tips to help ease the stress for last-minute filers.

"The last-minute rush can be stressful in any year, but with more than 500 new tax law changes for tax year 2008, waiting until the eleventh hour can be nerve-racking," said Mark Steber, vice president for tax resources at Jackson Hewitt Tax Service. "Not only is it more worrisome, rushing to complete a tax return can often lead to missed credits and deductions, meaning less money in the taxpayer's pocket."

"We encourage consumers to get their paperwork organized now and to visit a knowledgeable tax preparer for help filing a return on time," Steber added.

Jackson Hewitt Tax Service outlines seven essential tips for last-minute filers:

    --  Stop procrastinating. Having a return prepared before the deadline means
        you won't be surprised by the amount of a tax liability on April
        15. Even if you owe the IRS, the payment is not due until April 15,
        regardless of when you filed your return.  And if you are owed a refund,
        the sooner you'll receive it.

    --  File electronically. More than 90 million individual tax returns were
        e-filed in 2008. IRS e-file is not only faster than mailing a return;
        it's also more accurate and includes a confirmation of receipt.
        Also, with IRS e-file, you can receive your refund in your bank account
        within 8-15 days with direct deposit.  Jackson Hewitt provides free
        electronic filing with paid tax preparation.

    --  Review your 2008 tax year for important life changes. You may qualify
        for tax credits or deductions for the first time this year if you
        experienced a life change during 2008. For example, a taxpayer who had a
        baby may be eligible for the recovery rebate credit, among other
        benefits. Other important life changes may include: newly married, new
        baby, new dependent, education costs, new job, job displacement or a
        move.

    --  Be aware of tax law changes. Talk to your tax preparer about new
        benefits that may apply to you. Some key ones include:

        -- Recovery Rebate Credit: Taxpayers who did not receive their full
           economic stimulus payment in 2008 may qualify for the remainder as
           a credit on their 2008 tax returns.

        -- Additional Child Tax Credit: For 2008, the income threshold for
           this refundable credit has been decreased to $8,500 from $12,050,
           allowing certain taxpayers to qualify for up to $533 more per child
           in a potential refund.

        -- Earned Income Tax Credit (EITC): The income threshold for this
           special tax benefit for working families and individuals increased
           to $41,646. This year, a married couple raising two children and
           earning $12,200 in 2008 could qualify for a maximum credit of
           $4,824, a 39 percent increase in family income.

        -- Mortgage Debt Forgiveness Relief Act: Homeowners who experienced
           foreclosure on their primary home may be able to exclude the
           cancelled debt amount from their taxable income.

    --  Consult a knowledgeable tax preparer. A trained tax preparer will be
        aware of all the new tax law changes and will know how to find all the
        credits and deductions that you qualify for, including ones relevant to
        your specific job or employment situation. Be sure to tell your tax
        preparer about any life changes.

    --  Don't panic if you cannot pay: If you cannot pay the full amount of
        taxes you owe by the April 15 deadline, you should still file your
        return and pay as much as possible to avoid a high assessment of
        penalties and interest. The IRS may be able to provide some relief, such
        as an installment agreement, a short-term extension to pay, or a similar
        offer in compromise.

    --  Know the pros and cons of filing for an extension: It is important to
        note that filing for an extension only gives you an extension until
        October 15 to file your return.  It does not extend the time to pay a
        tax liability, as that is still due on April 15 to avoid penalties and
        interest. A knowledgeable tax preparer can help you assess whether a tax
        liability is due and can help file for an extension if one is needed.

To help tax filers get ready to visit with a tax preparer, a "What to Bring" checklist is available at http://www.jacksonhewitt.com. This checklist can help taxpayers get organized and ensure that they do not leave behind important documents that will help their preparer identify all of the credits and deductions they deserve.

"We encourage last-minute filers to review our online checklist and make an appointment with a tax preparer, who can review all of the credits and deductions they may qualify for, as well as make sure that all necessary documents are completed and filed properly," said Steber.

Many Jackson Hewitt locations have extended office hours and added staff through April 15 to better serve customers during these final days. Offices are still accepting appointments and always welcome walk-in customers.

For more information or to schedule an appointment at the nearest Jackson Hewitt Tax Service location, call 1-800-234-1040. For additional information on new tax laws and a list of the most commonly overlooked credits and deductions, visit the tax resources center at http://www.jacksonhewitt.com/taxresourcecenter/.

About Jackson Hewitt Tax Service Inc.

Jackson Hewitt Tax Service Inc. (NYSE: JTX), with approximately 6,600 franchised and company-owned offices throughout the United States during the 2009 tax season, is an industry leader providing full-service individual federal and state income tax return preparation. Most offices are independently owned and operated. The Company is based in Parsippany, New Jersey. More information may be obtained at www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service(R) office nearest to you, call 1-800-234-1040.

Contact:

    Sara Garibaldi
    Ketchum (Public Relations)
    646-935-4097
    Sara.garibaldi@ketchum.com

    Ally Gellert
    Ketchum (Public Relations)
    646-935-3924
    Ally.gellert@ketchum.com

SOURCE Jackson Hewitt Tax Service Inc.

http://www.jacksonhewitt.com

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