PARSIPPANY, N.J., Jan 07, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Jackson Hewitt Tax Service® hailed the start of the 2008 tax season today with a visit to the New York Stock Exchange. President and CEO Michael Yerington rang The Closing Bell(SM) and reminded those who are getting ready to have their individual income tax return prepared and filed to be mindful of recent tax rule changes, often overlooked credits and deductions and the benefits of IRS e-file.
"We are excited to once again celebrate the start to the tax season at the New York Stock Exchange, said Michael Yerington. "Jackson Hewitt offices are open across the country ready to serve all tax filers with their tax preparation and related needs. What we want all tax filers to know is that there are a number of tax law changes that are in place and may affect their income tax return, namely the new AMT, as well as, a new mortgage insurance deduction for homeowners and changes on how unrelated children may be claimed as dependents. We also continue to encourage filers to choose IRS e-file, which is free when they have their returns prepared at our offices, as it is the fastest way to file their return, receive acknowledgement and, if applicable, receive a refund.
The Internal Revenue Service will begin accepting electronically-filed tax returns for most taxpayers on Friday, January 11, 2008. However, taxpayers who file for five specific credits -- approximately 13.5 million Americans -- will face a four week delay due to the additional time required for the IRS to update its internal systems. The IRS has slated February 11, 2008, as the date it will begin to accept completed tax returns from taxpayers filing with the following documents: Form 8863, Education Credits; Form 5695, Residential Energy Credits; Form 1040A's Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers; Form 8396, Mortgage Interest Credit; and Form 8859, District of Columbia First-Time Homebuyer Credit.
To assist taxpayers who are able to file starting on January 11, Jackson Hewitt continues to offer its Form W-2 Download service. Through this feature, which operates through the company's secure, proprietary software, customers can avoid the wait to receive a Form W-2 by mail (which must be sent out by January 31 each year). Instead, a Jackson Hewitt tax preparer can access and download the information electronically to immediately prepare an individual tax return.
Resources for Consumers Available Online
Taxpayers are encouraged to visit the Jackson Hewitt website (www.jacksonhewitt.com) for information about new tax rules and other valuable tax return preparation information, including:
* Information on the "Top Overlooked Deductions" and "Top Overlooked Credits"
* Deductions@Work® -- a proprietary feature that lists job-related credits and deductions for a range of occupations
* The "What to Bring to Your Tax Preparer" checklist
All Jackson Hewitt offices are now open to assist customers with getting started. To find the Jackson Hewitt office nearest to you, call 1-800-234-1040.
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.