Newly Wed in 2011? Jackson Hewitt® Offers Tax Tips For Married Couples
PARSIPPANY, N.J., Feb. 7, 2012 // PRNewswire // -- Like many life events, beginning a married life brings many exciting changes. Perhaps not as exciting, but equally important, is your new tax filing status. For couples who tied the knot in 2011, Jackson Hewitt Tax Service® offers newlyweds several important tips on how to get the most out of their new tax filing status.
"Newlyweds and married taxpayers can choose to file jointly or separately based on their individual situation, but keep in mind that this filing status can change each year," said Mark Steber, chief tax officer, Jackson Hewitt Tax Service Inc. "Generally, using the 'married filing jointly' status provides the lowest tax liability and the highest standard deduction. However, if one of the filers has large deductions or expenses, the 'married filing separately' status may be more beneficial."
Steber reminds newlywed couples filing for the first time to keep the following in mind:
- The Internal Revenue Service recognizes a couple's marital status on the last day of the year. Even couples who wed right before midnight on December 31 are considered legally married for the full 2011 tax year;
- Couples should note that certain credits, including the Child and Dependent Care Credit, the Earned Income Tax Credit and certain education credits, are not available under the "married filing separately" status; and,
- Tying the knot often results in a new last name. Names listed in your tax return should match all forms of identification, including social security card, passport, driver's license and documents from employers, loan holders and investment accounts.
To learn more about determining the right filing status or filing a tax return for the first time as a married couple, please visit www.jacksonhewitt.com or call 1-800-234-1040 to find a local Jackson Hewitt office.
About Jackson Hewitt Tax Service Inc.
Based in Parsippany, NJ, Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with nearly 6,500 franchised and company-owned locations throughout the United States, including 2,800 located in Walmart stores nationwide. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate your neighborhood Jackson Hewitt® office, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
David G. Weselcouch
Jackson Hewitt Tax Service Inc.
CooperKatz & Company
SOURCE Jackson Hewitt Tax Service Inc.