PARSIPPANY, N.J., March 9 /PRNewswire-FirstCall/ -- Jackson Hewitt Tax Service, an industry leader providing full service individual federal and state income tax preparation, continues its weekly series, "Jackson Hewitt Tax Time Tips" - by reminding taxpayers who did not file a 2003 individual income tax return that time is running out to file and receive any owed tax refunds.
This Week's Tip: With the three year deadline quickly approaching, now is the time for the 1.8 million taxpayers who did not file a 2003 tax return to file and collect their unclaimed refunds.
The deadline to file a 2003 tax return in order to receive any refund due for that tax year is April 17, 2007 - the same day 2006 tax returns are due this year.
According to the IRS, there is over $2.2 billion* in unclaimed refunds available from un-filed 2003 tax returns. More than half of taxpayers who have not yet filed are due a refund of $611 or more. Taxpayers seeking a refund should be aware of the upcoming deadline.
"Many taxpayers are unaware of the three-year window available for filing past year returns," says Mark Steber, Vice President of Tax Resources, Jackson Hewitt Tax Service.
"At Jackson Hewitt, we can assist taxpayers with preparing and filing returns for 2003, 2004 and 2005, in addition to working on current year returns. Our proprietary software has the most up-to-date tax law information for each year, helping to ensure that our customers' income tax returns are accurately prepared."
By neglecting to file a 2003 return by the deadline, taxpayers will miss out on a valuable credit, including the Earned Income Tax Credit (EITC), which is a refundable credit to help working taxpayers and families. The credit often increases the amount of refund due to a taxpayer. Eligible taxpayers may get a refund when their EITC exceeds the amount of taxes that they owe, but this option is not available to those who file more than three years late.
"The IRS does not charge a penalty for refund returns that are filed after the original due date of the return," says Steber.
"However, you must file the return within three years of the original due date or you will not be able to claim your refund."
Finally, remember that the IRS will hold a 2003 refund check if a taxpayer has not filed a tax return for the 2004 and 2005 tax years.
For questions regarding how to prepare and file a 2003 tax return or for assistance in filing for tax year 2006, please visit
www.jacksonhewitt.com.
To speak with a local tax preparer or locate a nearby Jackson Hewitt office, call 1-800-234-1040.
* IR-2007-51, March 6, 2007
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with over 6,500 franchised and company-owned offices throughout the United States during the 2007 tax season, is an industry leader providing full service individual federal and state income tax preparation. Most offices are independently owned and operated. The Company 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.
SOURCE Jackson Hewitt Tax Service Inc.
CONTACT:
Melissa Connerton, CooperKatz & Company,
212-455-8001, mconnerton@cooperkatz.com