PARSIPPANY, N.J., March 6 // PRNewswire-FirstCall // -- Each year, many U.S. taxpayers fail to claim all of the deductions and credits available to them on their annual income tax returns -- leaving tax refund dollars on the table. To help taxpayers avoid this filing pitfall, Jackson Hewitt Tax Service(R) shares some of the most common overlooked credits and deductions -- and reminds taxpayers that working with a knowledgeable preparer is the best way to uncover all of the tax considerations which may apply to them.
"No one should miss out on legitimate credits or deductions when filing their tax return," says Mark Steber, vice president of Tax Resources, Jackson Hewitt Tax Service Inc. "The average consumer is simply not aware of all the tax considerations that may apply to their particular situation. This is why working with a knowledgeable tax preparer can make a real dollars and cents difference. A tax preparer who is up-to-date on the tax code is best equipped to identify all of the applicable deductions based on changes to the law, common missed expenses such as medical or property costs, or deductions related to an individual's job."
When filing a 2007 tax return, Steber advised taxpayers to pay close attention to these commonly overlooked deductions and credits:
There are several deductions that are based on an individual's profession, such as:
Major life events -- from getting married or divorced, having or adopting a baby, buying or selling a home or even getting a new job -- may also trigger credits or deductions. "Be sure to speak with your tax preparer about any significant life changes that occurred in 2007," adds Steber. "The right insight and advice from a knowledgeable preparer can help add to a refund, if eligible, or reduce a tax liability."
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with approximately 6,800 franchised and company-owned offices throughout the United States during the 2008 tax season, is an industry leader providing full service individual federal and state income tax return 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(R) office nearest to you, call (800) 234-1040.
SOURCE Jackson Hewitt Tax Service Inc.