Date: 2007-10-23

• Review Your Current Year Tax Status: With your 2006 tax return as a guide, review your current situation, and make an estimated tax projection for 2007. Use your most recent paystub to determine approximate earnings for the year, and be sure that year-to-date income and withholding amounts are correct.
   
• Get organized: Are all your receipts and important tax documents in one, easy-to-locate place? If not, designate a drawer, folder or even a shoe box where all family members can store their tax-related information, such as proof-of-payment receipts for home improvements, medical expenses and charitable donation receipts.
   
• Plan for Elective Medical Expenses: If you have doctor’s appointments you’ve been putting off, try to schedule them during these final months in 2007, as many qualified medical expenses are deductible. Also, remember that if you have a Flexible Savings Account (FSA), any existing balance must be used by December 31, 2007.
   
• Consider Tax-Free Savings Options: It’s not too late to start contributing to a 401(K) or maximizing your current contribution if you are already enrolled in a program. The tax-saving benefits can include up to $15,500 in compensation deferrals for 2007.
   
• Think ‘Green’ For Car Purchases or Home Improvements: Are you shopping around for a new car? Possibly seeking to gift a loved one with their first set of wheels? Or planning improvements for your home, such as winterizing with new, more efficient windows? If so, think green. The Energy Tax Act provides credits to consumers who make energy-efficient purchases or alterations. Many hybrid cars qualify for tax credits, as do replacements for some hot water heaters, central air and heat pump units, new windows and insulation.

• Focus on Year-End Planning: As the year draws to a close, there are several steps you can take if you itemize your deductions. Examples include donating items to charity and pre-paying January 2008 bills for your property taxes, mortgage or college tuition.
   
• Review Your Investments: Take a look at your investment portfolio and consider selling stocks that have not been performing well in order to offset any capital gains.
   
• Clean closets, garages, attics and more: Now is the time when many people support charities with monetary or non-cash contributions. Donate items that are in good condition to a favorite non-profit, but do not forget an important new rule: you cannot take a deduction for used clothing or household items that were donated after August 17, 2006, unless the clothing or household items are in good condition or better.Also, be sure to get a receipt if you intend to claim these contributions on your tax return. The IRS accepts receipts, cancelled checks or bank records as proof.       
          

• Begin Organizing: Jackson Hewitt Tax Service offers a handy “What to Bring” list of all documents needed for preparing a tax return on its website at http://www.jacksonhewitt.com/?WhattoBring
   
• Collect your Form W-2s: Employers are required to mail out these forms by January 31. Make sure you receive a separate W-2 from each employer for whom you worked during 2007. Once the forms arrive, you can use your last paystub to check the accuracy of the information. If there are any errors, or you do not receive a W-2 in time, contact your employer right away.
   
• Verify Your Information: When filing a tax return, avoid some of the most common errors. Be sure your Social Security number is properly recorded, and check for misspellings in your name or address. If your name has changed because of a marriage or divorce, make sure your correct identity appears on your return.
   
• Choose a Tax Preparer: Each year there are new or changed tax rules that make it hard for taxpayers to stay abreast of the information that affects their personal situation. With over 6,500 locations open during the 2007 tax season, Jackson Hewitt has preparers available throughout the country to assist taxpayers in preparing and filing their returns. Find a local office by calling 1-800-234-1040 or visiting www.jacksonhewitt.com.
   
• File Early: According to the IRS, over 60 million returns were received by the first week of March for the 2007 tax filing season.¹ For those entitled to a refund, filing early and gaining access to this money promptly is a distinct advantage. Even those who owe taxes may benefit from filing well before the tax deadline – April 15, 2008 – and planning the best way to make their payments on time.

• Look for Deductions and Credits Related to Life Changes: If you have had significant changes in your life in the past year, you may be eligible for certain credits and deductions. For example, there are tax considerations associated with getting married, having a baby, adopting a child, buying or selling a home, getting a new job or even relocating to a new city. Be sure to discuss with your tax preparer any life changes you have experienced.
   
• Know About Job-Related Deductions: Your job may enable you to claim some tax deductions when filing your tax return. Jackson Hewitt has an occupation-focused feature called Deductions@Work built into its tax preparation software. Deductions@Work includes a tax deduction checklist for expenses and income treatments for customers’ professions including teachers, construction workers, salespeople, military personnel and even retirees, and suggests potential work-related deductions for items such as maintaining uniforms or subscribing to professional journals.
   
• Electronically File Your Tax Return: In 2006, approximately 73 million households filed their federal tax returns electronically (according to the IRS).² E-filed returns have a higher level of accuracy than paper returns and generate a timely acknowledgement of receipt from the IRS. Moreover, e-filers typically receive their refunds in half the time of taxpayers who file hard copies by mail.