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According to the IRS, the credit has provided a tax benefit to more than 1.4 million* taxpayers as of September 2009. The credit enables those buying a primary residence for the first time to claim 10 percent of the purchase price of their home, up to $8,000 for single taxpayers or married taxpayers filing jointly.
"This is very good news for consumers looking to purchase their first home, particularly those who are still weeks away from closing on their purchase and would likely have just missed the original deadline," said Mark Steber, chief tax officer, Jackson Hewitt. "Nearly a million and a half people have benefited from this credit, so with an additional seven months to the closing timeframe, so many more will now have the chance to benefit as well."
Earlier this month, Jackson Hewitt reminded taxpayers of the guidelines for eligibility. Details are available at http://jacksonhewitt.com/content.aspx?id=97299.
The new provisions include the following changes:
-- Taxpayers must purchase their home, or be locked into a contract to
close, before midnight on April 30, 2010. The closing must occur before
midnight on June 30, 2010.
-- The credit is allowed in full for those with incomes up to $125,000
($225,000 if married filing joint). The credit is reduced for taxpayers
with an income between $125,000 and $145,000 ($225,000 and $245,000 if
married filing joint) and is not available for taxpayers with an income
higher than $145,000 ($245,000 if married filing joint).
-- Taxpayers (and their spouses) who have lived in their home for five
consecutive years out of the eight years preceding closing on a new
house may qualify for a reduced credit ($6,500 or $3,250 for those who
file separately).
More information about the extended First-Time Homebuyer credit, other home-related tax considerations and additional provisions cited in the recent act is available online at www.jacksonhewitt.com.
To speak with a local tax preparer or find the Jackson Hewitt office nearest to you, call 1-800-234-1040.
* http://www.irs.gov/newsroom/article/0,,id=213375,00.html
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. Jackson Hewitt 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:
Jorge Lavina Melissa Connerton
CooperKatz & Company CooperKatz & Company
917-595-3047 917-595-3039
jlavina@cooperkatz.com mconnerton@cooperkatz.com
SOURCE Jackson Hewitt Tax Service Inc.
http://www.jacksonhewitt.com
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