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Tax Tips Calendar 2008
Tax time is coming. And you may be entitled to a Child Tax Credit for 2007. If you have a child who was under 17 at the end of 2007, and you list them as a dependent, you may be able to claim a $1,000 credit. If you have three or more children who qualify or do not use all of your child tax credit, you may be able to claim the Additional Child Tax Credit, which is a refundable credit. Need more information? Call Jackson Hewitt Tax Service at 1-800-234-1040.
Tax time is here! So gather up all your important documents, including your W-2, Social Security card, driver’s license, and last year’s return. The more information you share, the more accurate your tax return will be. For more details, visit Jackson Hewitt Tax Service. And if you’re a returning Jackson Hewitt customer, your tax preparation will be even faster, since your information is already on file. So get it done right at Jackson Hewitt Tax Service. Call 1-800-234-1040.
It’s tax time again. And that’s good news for people who refinanced their homes. According to the IRS, you may be eligible to deduct some of the costs associated with your loans. For instance, if you itemize, the points and the mortgage insurance premium you paid on your home mortgage may be deductible. There are other breaks for homeowners you should know about. So come to Jackson Hewitt Tax Service and ask about the costs you may be able to deduct. Call 1-800-234-1040.
If you’re a reservist who has been called to active duty, you may be allowed to defer the income taxes you owe. Under the Soldiers and Sailors Civil Relief Act, you could defer your payment if you can show that your ability to pay was impaired by your military service. The deferral applies to taxes you owed before or during your service. Need more information? Call Jackson Hewitt Tax Service at 1-800-234-1040.
If you’re selling your home, you should know how much profit the IRS will let you keep tax free. You may exclude up to $250,000 profit from income. Or, if you’re Married Filing Jointly, and you both own your home, you may exclude up to $500,000 profit from income. To qualify, you must own the home, and have used it as a principal residence for at least 2 of the last 5 years before the sale. Need to talk about your own house sale? Call Jackson Hewitt Tax Service at 1-800-234-1040.
If you’re a parent who’s saving for a child’s education, you should know which scholarships are taxable, and which tax credits are available. You should also know the definition of a student, and if your college-age child qualifies as a dependent. Higher education is a major investment. So you should know about the tax guidelines that apply to you and your child. For more information, just ask. Call Jackson Hewitt Tax Service at 1-800-234-1040.
When it comes to income tax, we want you to get every deduction possible. Did you know you can deduct for hearing aids, eyeglasses, and contact lenses? How about canes, crutches, and orthopedic shoes? These are just some commonly overlooked deductions, along with union dues and work uniforms that not suitable for street wear. Need more information? Just ask Jackson Hewitt Tax at 1-800-234-1040.
If you move after filing your tax return, make sure the IRS knows. You’d be surprised how many people forget to send an 8882, which is a change of address form. Many have their refund checks sent back to the IRS marked “undeliverable!” So be sure you let the IRS know about your new address, and make sure your refund check goes to the right place. If you need an official change of address form, just visit Jackson Hewitt Tax Service. Or call 1-800-234-1040.