You can receive up to $3,500 in a no fee, refund advance!The No Fee Refund Advance is an optional tax refund related loan (not the actual tax refund) provided by MetaBank® at participating locations for a limited time. The amount of the loan will be deducted from tax refunds and reduce the amount paid directly to the taxpayer. Fees for other optional products or product features may apply. Tax returns may be filed electronically without applying for this loan. Loan amounts are between $200–$3500. Only $200–$400 available starting 12/17/18 with a pay stub (or other acceptable income verification), and remaining amounts available upon filing tax return with Jackson Hewitt. Availability subject to identity verification, eligibility criteria, and underwriting standards. Disbursement rules apply. Funds loaded onto card within an hour and direct deposit next business day, unless impacted by IRS delays. Most offices are independently owned and operated.
For taxpayers who are still wading through tax records and fretting about filing their income tax return, there's hope. You don’t have to go it alone.The National Society of Accountants (NSA) has made a Letterman-style top ten list of the reasons why people should hire a professional tax preparer:10. It takes the hassle out of doing it yourself.9. You don’t have to keep up with the many tax law changes or understand complicated tax law.8. Making mistakes can be very costly.7. Your time is worth money – add up the hours you would spend doing it yourself and calculate what that’s worth.6. A tax program in a box cannot represent you in an audit.5. A tax professional can answer your questions to help you make smarter tax-saving decisions.4. A tax professional can help you plan all year and for future years.3. A tax professional can recommend ways to save on taxes2. It gives you peace of mind knowing that a professional is taking care of it.And the number-one reason you should hire a tax preparer is:1. It can save you money – if your tax preparer finds even one significant deduction or tax credit you may have missed, it can easily exceed the average $246 fee it costs to have a professional prepare your return. If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, including W-2 forms, 1099 forms, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down. Source: http://www.cpapracticeadvisor.com/news/10893406/top-ten-reasons-to-hire-a-professional-tax-preparer
What is an Express Refund Advance?Express Refund Advance is a no fee, 0% APR loan provided by MetaBank® at participating Jackson Hewitt locations. Clients could get up to $3,200 with a no fee, tax refund loan when Jackson Hewitt files their taxes. When and where is Express Refund Advance available?Doors open at select participating Jackson Hewitt locations on December 18, 2017Kiosks at Walmart stores open December 29, 2017All participating locations will be open on January 2, 2018What are the different Refund Advance loan amounts that are available?Express Refund Advance loan sizes can be $100, $200, $500, $750, $1,000, and $3,200 for qualifying clients.A portion of the loan ($200-$400) can be accessed by qualifying clients as early as December 18 with a pay stub or other income verification in anticipation of the holidays.What is Prequalification and how can I Pre-Qualify for Express Refund Advance?Prequalification is a process where an applicant can enter a few pieces of key information to see if they have a good chance of being qualified for the Refund Advance loan. Answer a few questions on www.myrefundadvance.com to find out in minutes how much you could pre-qualify for.How can I receive my Express Refund Advance?Express Refund Advance loans are disbursed via an American Express Serve Card within minutes to 24 hours after you file and choose a prepaid card for your advance or one to three days if direct deposited into a qualified account of your choosing.Are there any fees or charges associated with Express Refund Advance?No! This is a no fee tax refund loan. No late fees. No document fees, no origination fees, and no interest charges! Ever!
Your Tax Refund When it comes to taxes, the first question we are often asked at Jackson Hewitt is, “Will I get a tax refund?” For the majority of our clients, that answer is YES! This good news leads almost immediately to the next question, “How quickly can I get my refund?” For millions of Americans, your tax refund is the biggest paycheck you’ll receive all year! This means filing your taxes is the most important financial transaction. After 34 tax seasons, our Tax Preparers have some tips on what to do to get the maximum refund you deserve, and to get money early. Tax Refund Timing According to the IRS, most refunds are funded within 21 days of filing. This clock starts after the IRS begins processing tax returns for the year. However, this year new provisions included in the Protecting Americans from Tax Hikes Act (or PATH Act) impact certain tax return’s refund timing. For tax returns that contain the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC), those refunds will begin being funded the week of February 27, 2017. Also, the refund status for those clients may not be available on the IRS.gov website until Feb 15. Refund Identity Theft The PATH Act includes provisions to help combat identity theft and protect your tax refund. Last year, identity thieves affected 10 million taxpayers, stealing tax refund dollars from hardworking Americans. The IRS initiated a Security Summit last year to combat SIRF. Along with the new laws, the IRS will exercise new security measures to protect Americans. Will Your Refund Be Delayed? In the end, how quickly you receive your tax refund depends on when you file your taxes, how you choose to file, and, now, what credits and deductions you might claim. While refunds including EITC and CTC/ACTC will be funded no earlier than February 15, you will benefit by filing early. You are giving the IRS plenty of time to review your return, verify your EITC and CTC/ACTC eligibility, and W2 authenticity, which is required before your return is in processed. Additionally, filing with a tax professional that efiles, rather than submits a paper return by mail, will also save you time.
Casualty and Theft Losses A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected or unusual. It does not include damage from events that are gradual, or damage from routine wear and tear (i.e. termite infestation, mold damage, etc.). If the repairs meet certain conditions you may be able to use these costs as a measure of the decrease in fair market value of your property if all of the following are true: repairs are necessary to restore the property to the condition it was in immediately before the casualty amount of money spent for repairs is not excessive repairs only correct the damage caused by the casualty property value after repairs is not, as a result of the repairs, more than the value of the property immediately before the casualty You cannot deduct the loss of future profits or income due to the casualty. For example, if the prices of homes in your neighborhood drop after a widespread flooding near your area, the decline in market value of your home is not a casualty loss. Theft Loss A theft includes, but is not limited to, the taking of money or property by: blackmail burglary embezzlement extortion kidnapping for ransom larceny robbery The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. Generally, you cannot deduct the loss of property that has been simply lost or mislaid. However, depending on the circumstances, accidental loss or disappearance of property resulting from a casualty could be deductible. Ponzi schemes may be deductible as a theft loss in the year the leader of the Ponzi scheme is charged with the crime instead of waiting for the outcome of the trial. If you choose to deduct the loss before the trial is complete, you will be limited to no more than 95% of the loss as a deduction. See www.irs.gov for more information. Expenses incurred for preventative measures against casualties and theft is not deductible as losses, such as: boarding up your house before a hurricane building a levee to prevent future flooding installing a security system after a break-in Instead, you might be able to capitalize some of these expenses, if they are for permanent improvements, and add them to the basis of your property. Incidental expenses you have as a result of a casualty or theft are not deductible and are not included in your total loss. Incidental expenses include the cost of: medical treatments for personal injuries, although you may be able to deduct the expenses as a medical deduction temporary housing or hotel fees renting a car The IRS Disaster Resource Guide contains valuable information for those claiming casualty losses on property that was destroyed by a natural disaster, including: tax forms needed to claim a casualty loss, common questions, free tax services and instructions on how to identify which disaster losses to claim. Disaster Resource Guide for Individuals and Businesses For more information on Casualty, Disaster, and Theft Losses
Student loan interest One-half of self-employment tax paid Adjustment on Form 1040 of health insurance premiums for some self-employed persons Penalty on early withdrawal of savings Alimony paid (does not include child support) Medical transportation - including tolls, parking, and mileage for visiting doctors and dentists and picking up medicine Nursing home expenses that are primarily for medical care Medical aids such as crutches, canes, and orthopedic shoes Hearing aids, eye glasses, and contact lenses Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays Equipment for disabled or handicapped individuals Part of life-care fee paid to retirement home designated for medical care The cost of alcohol, drug abuse, and certain stop-smoking treatments Special school costs for mentally or physically handicapped individuals Wages for nursing service State income taxes owed from a prior year and paid in the current tax year Payment by December 31 of last quarter estimated state taxes Personal property taxes on cars, boats, etc. Taxes paid to a foreign government Mandatory contributions to state disability funds Points paid on mortgage or refinancing Property donated to a recognized charity Cash contributions to a recognized charity Mileage incurred in relation to charitable activities at 14 cents per mile Casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income Education expenses paid to maintain or improve job skills A handicapped individual's work-related expenses Professional journals, magazines, and newspapers that are job-related Cost of safe deposit box used for investments or business Seeing eye dog or guard dog for business Required uniforms and work clothes not suitable for street wear Union dues Employment agency fees or commissions Home office expenses, if primary place of business Job-seeking expenses within present field of employment including agencies, resume preparation, parking and tolls, long distance charges, and travel expenses New business start-up costs Dues to professional organizations Business gifts up to $25 per customer or client Employment-related moving expenses Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer Cleaning and laundering services while traveling for business Tools bought for use at your job Cellular phones required for business Worthless stock or securities Commission to brokers or agents for sale of property or property management Fees for tax preparation or advice Legal fees to collect taxable alimony Expenses up to $50 per month for an exchange student living with you Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work Gambling losses to the extent of winnings
Jackson Hewitt - Tax Services serving the Altoona, Duncansville, Holidaysburg, and Johnstown areas
All Material © Jackson Hewitt Tax Service 2019