Jackson Hewitt Tax Service(R) Cites Five Most Important Tax Law Changes for 2010

Jackson Hewitt Tax Service(R) Cites Five Most Important Tax Law Changes for 2010

Silver Spring, MD --(PR.com)-- Each year, taxpayers leave money on the table by failing to claim deductions and credits available to them when filing their annual tax returns. The Silver Spring, MD Jackson Hewitt Tax Service® office highlight the five most important tax law changes for 2010.

"Many taxpayers are not aware of the tax deductions and credits to which they're entitled," said John J. Lah, MBA/CFA, Franchise Owner of Jackson Hewitt in Silver Spring. "Our knowledgeable tax preparers, coupled with our proprietary tax software, are a winning combination for identifying the deductions and credits taxpayers may be eligible for when filing their income tax return."

Five Most Important Tax Changes for 2010:

  1. First Time Homebuyer Credit: This credit gives first-time home buyers the ability to deduct up to $8,000 ($4,000 if filing separately) of the cost of the home, provided that they close by June 30, 2010. Taxpayers (and their spouses) who have lived in their home for five consecutive years out of the eight years preceding closing on a new house may qualify for a reduced credit of $6,500 ($3,250 if filing separately).
  2. New Home Energy Credits: Taxpayers can receive a credit for making their homes more energy efficient by caulking doors and windows, adding new insulation to attics, buying an energy-efficient hot water heater and more:
    • Credit amount is a total of $1,500 for 2009 and 2010
    • Up to 30% of the cost of qualifying improvements

  3. New Education Credit (American Opportunity Tax Credit): The credit increases to a maximum of $2,500 of eligible expenses for the first four years of post-secondary education; 40% of the credit, up to $1,000, is refundable. The credit also includes the cost of books and software required for courses.
  4. Changes to Earned Income Tax Credit: New for this tax year is a chance to put more money in your pocket if you have 3 or more children and increased income limits if you are married. Prior to this year the maximum credit was based on just 2 or more children. The new amounts and limits are:
    • Up to $5,657 if you are married filing jointly, have three kids, and have income less than $48,279
    • Amount available for families with one or two children has also increased to $3,043 and $5,028 if married filing jointly and income is less than $40,463 and $45,295 respectively
    • Amount available for taxpayers with no children and married filing jointly is $457 if income is less than $18,440

  5. Considerations for Unemployed Taxpayers: In most tax years, all unemployment compensation received is considered taxable. For 2009 only, the first $2,400 of unemployment compensation per individual is tax free.

Tax preparers at the Jackson Hewitt Four Corners office are ready to assist individuals in claiming the deductions and credits that they qualify for when preparing and filing a 2009 income tax return. For more information, or to schedule an appointment, please call (301) 681-7180. Offices are open from 9am to 8pm on weekdays and 10am to 6pm on the weekends. Additional information on deductions and credits, as well as other tax tip resources can be found at http://www.JacksonHewitt.com.

About Jackson Hewitt Tax Service Inc.

Jackson Hewitt Tax Service Inc. (NYSE: JTX), with more than 6,000 franchised and company-owned offices throughout the United States, is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. Jackson Hewitt is based in Parsippany, New Jersey.

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