Jackson Hewitt(R) Celebrates Educators and Students with Occupation-Based Tax Savings
Company Marks Final Days of Tax Season With Program Focused on Job-Related Deductions for Workforce of America Participating Locations Offering Discounts for Educators, Students From April 2 - 4
PARSIPPANY, N.J., April 2, 2008 // PRNewswire-FirstCall // -- Educators and students who have yet to file their 2007 tax returns have no need to cram, thanks to Jackson Hewitt Tax Service(R). From April 2 through April 4, 2008, Jackson Hewitt will celebrate teachers, tutors and other workers in the educational field -- as well as college, graduate and post-graduate students - - with a $25 discount off tax preparation services at participating offices.
These customers will also receive a personalized occupational review through the company's Deductions@Work(R) system, which reviews many of the most common professions in the U.S. and notes all of the credits and deductions available for each. Jackson Hewitt will spotlight and celebrate several other occupations for subsequent two-day periods, now through the filing deadline of Tuesday, April 15.
"As the tax preparation company for the Workforce of America, all of Jackson Hewitt's 6,800 offices are working around the clock to assist taxpayers with reviewing their tax profile, exploring available credits and deductions, and filing their 2007 return accurately and on time," explains Mark Steber, vice president of Tax Resources, Jackson Hewitt Tax Service. "By focusing on certain occupations during these final weeks, we are reminding all taxpayers that there are numerous tax deductions specifically related to different types of employment."
From Wednesday, April 2, through Friday, April 4, educators and students can visit participating Jackson Hewitt locations around the country to receive their $25 discount off tax preparation.
Following are some important tax considerations for educators and students, including:
Deductions and Credits For Educators:
- Teachers, instructors, counselors, principals, or aides in a school (kindergarten through grade 12) who work at least 900 hours during a school year can deduct up to $250 for expenses incurred during the tax year, such as for classroom supplies.
- While supplies used for home schooling or non-athletic supplies used for courses in health or physical education do not qualify, taxpayers may be able to deduct the out-of-pocket cost for supplies that exceed the $250 limit -- if they itemize deductions.
- Educators may be able to claim deductions for tuition incurred in pursuing graduate or other additional education, especially if an educational program is required as a part of a state school board's certification renewal process.
- There are numerous additional deductions that may apply to educators (if unreimbursed), including: expenses incurred when lecturing, writing or publishing for which the educator receives no additional compensation other than regular salary; clothing required for work that is not appropriate for everyday wear (such as an art teacher's smock or a dance teacher's jazz shoes); car expenses incurred when taking students on a school-sponsored field trip excursion; or the costs of materials used for a class play or party.
- According to Steber, full-time students are not automatically exempt from taxes or from filing a tax return. "Students are often surprised to find out how much of their income is taxable, and how much they can end up owing if they did not have enough tax withheld throughout the year," he explains.
- Students may be able to deduct tuition and fees for higher education expenses for themselves, a spouse or a qualifying dependent. Up to $4,000 may be deducted, with amounts based on income level and filing status. To be considered, tuition and fees must be required for enrollment or attendance at an eligible educational institution. Students may also be able to deduct student loan interest, up to a maximum of $2,500 in 2007.
- The Hope Credit, a nonrefundable tax credit available for qualified tuition and related expenses for post-secondary education, offers tax filers up to $1,650 for each eligible student, for a period of two tax years.
- The Lifetime Learning Credit is available every year the taxpayer, a spouse or a dependent pays for any qualified education expenses -- such as courses to acquire or improve job skills. This credit of up to $2,000 covers courses beyond the first two semesters, or those taken in the first two years if a taxpayer does not qualify for the Hope credit.
As the tax deadline approaches, Jackson Hewitt offices will be open extended hours -- some until midnight and even 24-hours during the final days before April 15 -- to help the Workforce of America prepare and file their income tax return and capture all appropriate the job-related deductions and credits. For a partial list of occupations profiled and to review some of the most commonly overlooked deductions, visit the Tax Resource Center at http://www.jacksonhewitt.com.
About Jackson Hewitt Tax Service Inc.
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.