Date: 2005-04-06
(PARSIPPANY, N.J., April 6, 2005) - As the April 15th deadline quickly approaches, Jackson Hewitt Tax Service (NYSE: JTX) offers important tax tips for last-minute filers. Jackson Hewitt tax professionals offer answers to the most frequently asked questions this time of year regarding tax return amendments, filing extensions and tax debt payment plans.
- What should I do if I've filed my tax return and later realize that I omitted income or overlooked some deductions? You can amend your return by filing Form 1040X. Generally, you must file your amended return within three years after the date you filed your original return. With that in mind, bring your 2001 returns when you have your 2004 return prepared. There's still time for a Jackson Hewitt tax professional to review your 2001 return for accuracy, ensuring you maximize any refund to which you are entitled. If you made a mistake or omission on this year's return, you have until April 15th to fix it with no penalties or interest.
- Can I extend the time to file my return and pay my taxes? You have up until April 15th to request an extension to file your tax return. When you file for an extension with IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, you will have until August 15th to file your tax return. However, if you owe taxes, full payment is due by April 15th in order to avoid accruing penalty and interest charges. Numerous payment options are available, including payment by check; credit card, which may offer valuable points or rewards; or a same-as-cash loan to pay a balance due and avoid paying interest charges.
- Can I electronically file my extension form? Yes, the IRS offers electronic filing of extension applications. The IRS will process Form 4868 through April 15th, which will allow you to postpone the filing date of your return until August 15. In addition, if you owe taxes, electronically filing for an extension allows you to automatically deduct money out of your bank account, or you can choose from other convenient payment options.
- Can I pay any taxes that I owe in installments? If you owe, but cannot pay your full tax liability by April 15th, you should consider the IRS installment plan. You must complete Form 9465, Installment Agreement Request, and your tax preparer will send it, via mail or electronically, with your tax return. The Form 9465 can also be filed via mail or electronically by itself if the return has already been filed or you are requesting an extension. If the IRS approves the request, you will be charged a fee of $43 and interest on any unpaid balance.
"There's still plenty of time to get your taxes done. At Jackson Hewitt, we have additional tax professionals on hand working extended hours through April 15th to help taxpayers identify money-saving credits and deductions," says Mark Steber, Vice President of Tax Resources at Jackson Hewitt Tax Service. "If you're unsure of your tax situation, or you want to make sure that you don't leave money on the table, it's important to seek the assistance of a tax professional."
Taxpayers can find a variety of tax resources at www.jacksonhewitt.com, including an office locator, a checklist of items to bring to your tax preparer, the top 50 overlooked tax deductions and more.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX) is the second largest tax preparation service company in the United States, with over 5,400 franchised and company-owned offices in 49 states and the District of Columbia. Specializing in electronic filing (IRS e-file), the Company provides full service, individual federal and state income tax preparation and facilitates related financial products. Most Jackson Hewitt offices are independently owned and operated. Jackson Hewitt is based in Parsippany, New Jersey. More information about the Company may be obtained by visiting the Company's Web site at
www.jacksonhewitt.com.
Contact
Allison Jackson
Senior Manager, Communications
Jackson Hewitt Tax Service Inc.
973-496-7536