Jackson Hewitt Shares Its Top 5 Year-End Tax Tips

From New to 'Tried and True,' These Tips May Help Taxpayers Save Money on Their 2009 Returns

PR Newswire

posted: 82 DAYS 16 HOURS AGO

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PARSIPPANY, N.J., Nov. 19 /PRNewswire-FirstCall/ -- With 2010 just around the corner, making more money and saving as much as possible will likely top many New Year's resolutions lists. In the quest to achieve this resolution, taxpayers should not overlook the great opportunity they have to get the full refund they may qualify for or to keep more money in their pockets by making sure they are not overpaying on a tax liability.

"Most taxpayers don't start thinking about taxes until after the New Year," explained Mark Steber, chief tax officer, Jackson Hewitt Tax Service®. "The truth is, simple steps taken in these final weeks of 2009 can put them in a better position when it comes time to file."

Steber outlined Jackson Hewitt's Top 5 Year-End Tax Tips:

1) Get Smart About 2009 Tax Changes: 2009 heralded a range of new 'pro-taxpayer' credits, including the First-time Homebuyer credit and the Making Work Pay credit. In addition, other popular tax benefits were expanded, such as the Earned Income Tax Credit and two credits related to energy-saving home improvements (the Non-Business Energy Property Credit and the Residential Energy Efficient Property Credit).

"Knowing what deductions and credits you may qualify for, and accurately claiming them on your tax return, can make a big difference in an expected refund amount. Checking in with a tax preparer before year-end can give you a jumpstart to help ensure you don't miss important tax benefits you may be qualified to receive," said Steber.

2) Make Advance Payments: Pre-paying expenses for college tuition, a mortgage or a quarterly state estimated tax payment now - rather than waiting until January - allows taxpayers to include any related deductions or eligible interest on a 2009 tax return, which, in turn, means additional savings.

3) Help Others - and Yourself: As the year comes to a close, many people make donations to a favorite charity. Keep good documentation when donating gently-used furniture, clothing or other items, given that the "fair market value" of these donations may be deductible.

4) Take Advantage of Job-Related Benefits: Most flexible spending or health savings programs require funds to be used by December 31 of each year and cannot be rolled over. Make sure to use that pre-tax money for approved expenses like daycare or medications, or for scheduling any medical appointments you've been postponing.

5) Deduct Taxes Paid for That New Car: If you're in the market for a new vehicle, or if you made a new car purchase after February 16 of 2009 (and before January 1, 2010), don't forget that you can deduct state and local sales and excise taxes, as long as you're the original owner.

For more information on the above-mentioned tips and other deductions and credits, please visit: http://www.jacksonhewitt.com/Resource-Center/Tips-and-Deductions/Tips or call 1-800-234-1040 to find the nearest location.

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® office nearest to you, call 1-800-234-1040.

Contact:

Melissa Connerton Jorge Lavina CooperKatz & Company CooperKatz & Company 917-595-3039 917-595-3047 mconnerton@cooperkatz.com jlavina@cooperkatz.com SOURCE Jackson Hewitt Tax Service Inc.

2009-11-19 10:17:00