Complex Tax Returns Simplified: Jackson Hewitt(R) Offers Tips for Taxpayers With Complicated Returns

PARSIPPANY, N.J., April 6, 2011 // PRNewswire // -- As the clock winds down on the April 18, 2011, deadline to file a 2010 tax return, taxpayers with complex tax situations are often among those who wait until the last minute to tackle what can become an overwhelming task. To ease their anxiety, and help ensure they get their accurate returns filed on time, Jackson Hewitt Tax Service® has a variety of timely and effective tips for taxpayers with complex tax returns.

"There are many life situations that can complicate your taxes, making a difficult task even more complex and daunting," said Mark Steber, chief tax officer, Jackson Hewitt Tax Service Inc. "We find that taxpayers with unusual employment situations, as well as middle-aged and senior taxpayers, tend to have a more complicated tax return. But no matter how complex your personal situation, being fully informed about relevant claims, credits and deductions can both ease stress and improve your tax position."

Steber shares his top tips for those with typically complex tax situations (including seniors and those who are middle-aged, self-employed or unemployed) and advises them to keep the following in mind:

  • Senior taxpayers should remember to claim the following items when completing their tax return:
    • Retirement and IRA distributions
    • Taxable and nontaxable interest
    • Capital gains
    • Social Security benefits
    • Estimated taxes

  • Middle age taxpayers with the following life and financial situations may see many changes including the reduction in both credits and income adjustments while their income is increasing:
    • High earnings
    • College-age children and children leaving home
    • Mortgage paid down (no itemizing)
    • Providing support for a parent
    • Capital gains
    • Roth IRA conversions

  • Self-employed taxpayers often have more difficult income situations and need to be aware of what is allowed as a reduction in self-employment income versus what may be claimed as a credit or deduction, including:
    • Deductions for self-employment income such as:
      • Supplies
      • Advertising
      • Business related properties deductions (equipment, vehicle, building, etc.)

    • Business start-up cost deductions
    • Self-employed health insurance deductions
    • One half of self-employed taxes deduction
    • Estimated taxes

  • Taxpayers who were unemployed during year may qualify for more credits and deductions this year, but they also need to claim all income received:
    • Wages from multiple sources
    • Retirement/IRA distributions and 10 percent additional taxes
    • Unemployment compensation
    • Capital gains
    • eBay sales
    • Moving expenses
    • Job hunting

About Jackson Hewitt Tax Service Inc.

Based in Parsippany, N.J., Jackson Hewitt Tax Service Inc. (NYSE: JTX) is an industry-leading provider of full service individual federal and state income tax preparation, with franchised and company-owned office locations throughout the United States. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate the Jackson Hewitt® office nearest to you, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.

SOURCE Jackson Hewitt Tax Service Inc.

###

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Kiddie Academy
Educational Child Care Franchise. Kiddie Academy is one of the nation's most respected providers of quality educational child care.
Kono USA
We've taken one of America's favorite foods and made it even better, innovative, authentic, exciting, and now, we're taking the states by storm.
Kona Ice
We have a question for you. What determines the success of a franchise? Is it luck? Coincidence? Kona Ice was ranked #1 New Franchise in Entrepreneur...
Liberty Tax Service
A leading income tax preparation franchise in the U.S. and Canada.
Saladworks
Saladworks leads the exploding fast-casual salad space, with nine consecutive quarters of positive same-store sales growth through 2017. America's...
Share This Page

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.