Date: 2006-04-06
Last Minute Tax Tips Help End-of-Season Filers
PARSIPPANY, N.J., April 6, 2006 - Jackson Hewitt Tax Service (NYSE: JTX), the nation's second largest tax preparation service, reminds taxpayers that with April 15th falling on a Saturday, tax filers have 48 additional hours to get their returns to the Internal Revenue Service (IRS). Jackson Hewitt has some helpful hints for last-minute taxpayers as the deadline approaches:
Tip #1: Residents of Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont and the District of Columbia have until April 18th to file their tax return.
Individuals in these six eastern states and the District of Columbia have an extra day, until April 18, 2006, to file returns and pay any taxes due. The additional day is a result of the IRS having a processing center in Massachusetts, which recognizes April 17th, Patriot's Day, as a state holiday in Massachusetts. By law, tax filing and payment deadlines that fall on a Saturday, Sunday or legal holiday are considered timely if met on the next business day.
Tip #2: You have options if you have already filed your tax return and now realize that you omitted income or overlooked some deductions.
If you made a mistake or omission on this year's return, you have until April 17th to fix it without incurring penalties or interest. You can amend your return by filing Form 1040X. In addition, you can amend any tax return within three years after the date you filed your original return. With that in mind, bring your 2002 returns when you have your 2005 return prepared. A tax professional can review your 2002 return for accuracy, ensuring you maximize any refund you are entitled, before the time statute expires.
Tip #3: If you can't file your tax return by April 17th, request an extension to file.
You can file for an extension with IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, which gives you until October 16, 2006 to file your tax return. The IRS also offers electronic filing of extension applications. However, if you owe taxes, full payment is due by April 17th in order to avoid possibly accruing penalty and interest charges.
Tip #4: For those with a tax liability, review all of your payment options.
There are a variety of ways to make your payment(s) to the IRS, including payment by check, money order or credit card. If you electronically file, you can pay any balance due through an automatic deduction from your bank account. If you owe, but cannot pay your full tax liability by April 17th, 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. Form 9465 can also be filed via mail or electronically by itself if the return has already been filed or if you are requesting an extension. If the IRS approves the request, the IRS will charge you a fee of $43 and interest on any unpaid balance. It's helpful to make your payments large enough so that the balance due will be paid off before the due date of the next tax return.
"With two extra days, there's still plenty of time to get your taxes prepared. At Jackson Hewitt, we have additional tax preparers on hand working extended hours through April 17th 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, it's important to seek the assistance of a trained tax preparer to maximize any refund you're due and minimize any tax liability."
Jackson Hewitt tax preparers are available nationwide to accurately prepare and electronically file your tax returns and provide up-to-date information on new tax rules for your 2005 tax return.
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 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
http://www.jacksonhewitt.com. To locate the Jackson Hewitt office nearest to you, please call 1-800-234-1040.
Contact
Allison Jackson
Senior Manager, Communications
Jackson Hewitt Tax Service Inc.
973-630-0681
Melissa Connerton
CooperKatz & Company
212-455-8001