1. Accuracy: According to statistics compiled and published by the IRS, the error rate of self-prepared returns was twice that of the error rate of Tax Professionals. Most common errors: erroneous calculation of taxable Social Security benefits, errors in calculating tax rates on dividends and sales of stocks and bonds, errors in calculating self-employment taxes and errors in calculating overall tax liability.
FACT
Did you know that when you have a trained Jackson Hewitt Tax Professional prepare your taxes, you are automatically covered, for FREE, with Jackson Hewitt's Accuracy Guarantee? For more information about our Accuracy Guarantee, contact us today.
2. Audit Assistance: In 2010, the IRS conducted over 2.34 million tax audits.
FACT
Did you know that when you have a trained Jackson Hewitt Tax Professional prepare your taxes, you are automatically provided, for FREE, with Jackson Hewitt's Audit Assistance? For more information about our Audit Assitance, contact us today.
3. Changes: Tax laws are like the weather.....always changing. For Tax Year 2011, there were no less than 25 significant changes to the Individual Tax Code. With a number of popular tax features phased out in 2011, the number of tax changes for the 2012 year alone could exceed the changes in 2011. And this does not include any changes to state laws that may have taken place!
FACT
All Jackson Hewitt Tax Professionals undergo a complete and thorough review of the changes to the Tax Code before the tax filing season begins.
4. Future Planning: As the tax laws change, so do your personal circumstances. These changes can have a dramatic impact on your tax liability. Sadly, most taxpayers find out about these changes after it is too late to take advantage of a tax benefit or avoid a tax consequence.
FACT
All Jackson Hewitt Tax Professionals are not only able to prepare your current tax year return, but are able to discuss changes that can be made to help lessen your tax liability for future years. More importantly, our trained tax professionals are available year round to discuss these issues with you.
5. Maximizing Your Refund/Reducing Your Liability: According to the IRS, one of the most overlooked credits in 2010 was the Making Work Pay Credit. This refundable credit, worth up to $800, was a common error for those taxpayers filing the simplest of tax forms, the 1040 EZ. Other overlooked credits include education credits, First Time Home Buyer Credit and the Earned Income Tax Credit.
FACT
All Jackson Hewitt Tax Professionals engage in a comprehensive review of available credits that may reduce or eliminate a taxpayer's tax liability why increasing their refund. For more information on available tax credits, please feel free to contact us to see what credits you may have available to you.
Copyright © 2014 South Illinois Tax and Accounting
Tax Tip
Give Withholding and Payments a Check-up to Avoid a Tax Surprise!
Some are surprised to learn they're due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. When this happens, it's a good idea to check your federal tax withholding or payments. Doing so now can help avoid a tax surprise when you file your 2014 tax return next year.
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