JERSEY CITY, NJ--(Marketwired - Mar 10, 2016) - First comes love, then comes marriage... then comes a qualifying child tax exemption. With less than 40 days until the deadline to file a 2015 tax return, Jackson Hewitt Tax Service® shares tips for taxpayers at each life stage. Each year, do-it-yourself filers leave millions of dollars in the hands of the Internal Revenue Service (IRS) by missing out on tax credits and deductions.
"Many Americans don't realize that as their life circumstances change, they may qualify for new credits or deductions," said David Prokupek, CEO of Jackson Hewitt®. "The tax professionals at Jackson Hewitt are trained to help them navigate life's changes and get the maximum refund they deserve."
The professionals at Jackson Hewitt offer five life changes that might save you big bucks at tax time.
1. Your Family: Changes in Marital Status, Dependents
Dramatic changes to your tax burden can come from changes to your family situation. Changing your filing status from single to married filing jointly will lower your tax rate and increase your standard deduction. The birth of a child can tip the scale, qualifying you for new incentives like the Earned Income Tax Credit (EITC), which could result in a credit of up to $6,242, or the Child Tax Credit equal to $1,000 per dependent child under age 17; or even the Child and Dependent Care credit of up to $2,100 to help with daycare costs while parents work. Jackson Hewitt advises taxpayers to visit a tax professional to determine what tax strategies may apply for newlyweds, new parents, single parents, aging parents and more.
2. Your Employment: Self-Employment, Job Change and Retirement
For individuals with employment changes, including retirement, in the past year, it's especially important to understand which new deductions or filing requirements may apply. If you moved for a job that is at least 50 miles further away from your home and held this job for at least 39 weeks, you can claim your moving expenses even if you don't itemize deductions. For those that are self-employed, don't miss out on often-overlooked deductions for qualified vehicle expenses, home office supplies and more.
3. Your Home: Buying, Selling, Moving and Improving a House
This is a good time to compare the standard deduction against your ability to itemize your deductions. If you bought a new home in 2015, you may be able to itemize deductions by claiming your mortgage interest, property tax, as well as other expenses like charitable contributions and state and local income or sales tax. Investing in home improvements, like those to make it more energy efficient, may generate tax credits now and utility savings in the future.
4. Your Knowledge: Higher Education Expenses
There are nearly a dozen tax benefits designed to help higher education students save money, from the American Opportunity Credit to the Lifetime Learning Credit. Qualified expenses include tuition, as well as books, supplies and possibly travel costs related to college. Regardless of age, students should visit a tax professional to ensure they're taking advantage of these credits and deductions.
5. Your Time: It's limited.
Today's taxpayers are juggling more than ever before -- but that doesn't mean they have to miss out on a bigger refund or lower tax bill. Stop into one of Jackson Hewitt's 6,300 locations -- with more than 3,000 in Walmart stores -- for help determining how life changes can affect your taxes. The cost of preparing your taxes can be claimed if you itemize your deductions. Consider that one missed credit or deduction could more than cover the cost of having your taxes completed by a tax professional.
To make an appointment or to find the nearest location, call 1 (800) 234-1040 or visit www.JacksonHewitt.com.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is the fastest-growing full-service tax preparation company, with a mission of offering its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. With more than 25,000 Tax Professionals, Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. Jackson Hewitt is convenient, with approximately 6,300 franchised and company-owned locations, including 3,000 Walmart locations, and online and mobile tax solutions. For more information about products, services and offers, or to locate your neighborhood Jackson Hewitt office, visit www.JacksonHewitt.com or call 1 (800) 234-1040.
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Elizabeth Sedlock
(636) 699-9554