PARSIPPANY, N.J., Feb. 14 // PRNewswire-FirstCall // -- Now that the stimulus plan has been signed into law, Jackson Hewitt Tax Service provides some at-a- glance facts and the Top "5" Things Most Individuals Can Do for those who qualify for a tax rebate as part of the stimulus plan.
Expecting a check or money directly deposited into your account as part of the stimulus plan, here are the Top "5" Things Most Individuals Can Do:
1. File Your 2007 Income Tax Return -- not only may you have a tax refund
coming your way... you may also qualify for a stimulus payment check.
2. File Early -- IRS will still send out checks through December, but why
wait. Get it in early and you are likely to receive your stimulus
payment earlier... as early as May.
3. E-file -- give yourself the convenience, speed and assurance that your
income tax return is received.
4. Zero Income, Zero Tax and Zero Payment... Make Sure You File -- Certain
qualifying individuals, including seniors, who meet this criteria and
may not typically file an income tax return, will need to file, by
filing a paper Form 1040A or Form 1040.
5. Watch Out For Your Two IRS Notices -- Most taxpayers will receive two
notices from the IRS -- one explaining the stimulus payment program and
another confirming the recipients' eligibility, the payment amount and
the approximate time table for the payment. Save the second notice to
help in preparing your 2008 tax return next year.
More than 130 million individuals are expected to receive stimulus payment checks, starting in May. Quick facts you need to know include:
-- Payment amount will equal the amount of one's tax liability on their
2007 income tax return, with maximum amounts of $600 (for single
filers) and $1,200 (for joint return filers), and minimum amounts of
$300 and $600 respectively.
-- For those with little or no tax liability, but $3,000 or more in
qualifying income, they may qualify to receive a minimum payment of
$300 (for single filers) and $600 (for joint return filers).
-- Qualifying individuals with a child/children will receive an additional
$300 for each child (subject to income phase-outs).
-- Qualifying incomes for the stimulus payment includes: wages, net self-
employment income, social security, certain railroad retirement
benefits, veterans' disability compensation, pension or survivors'
benefits received in 2007.
-- Those who do not regularly file income tax returns, but earn a low-
income, as well as social security recipients, certain Railroad
retirees, and those who receive select veteran's benefits, must file a
2007 income tax return.
-- Social Security, Railroad retirement and select Veterans benefits
recipients must: 1) file Form 1040X to list non-taxable benefits, if
they have already filed a 2007 return and received less than $3,000 in
qualifying income or 2) for those who are normally not required to file
an income tax return, they must report their benefits of $3,000 or more
on Form 1040A or Form 1040, to establish their eligibility.
-- Individuals who do not pay tax and have less than $3,000 of qualifying
income will not qualify for a stimulus payment check.
-- Individuals who file Form 1040NR, 1040PR or 1040 SS and those who can
be claimed as a dependent, do not qualify for a stimulus check.
Jackson Hewitt tax preparers are available to help individuals with their tax preparation needs and to answer any questions regarding the stimulus plan's tax rebates. For more information, or to schedule an appointment, please call 1-800-234-1040 or visit http://www.jacksonhewitt.com
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX) 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 http://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.