Tax Day Approaches; Don't Miss Your Filing Deadline with Jackson Hewitt's Pro Tips

Time Is Running Out: Midway to Tax Day

As we reach the midpoint of the tax season, Jackson Hewitt Tax Services is ringing the alarm for those still yet to file their 2024 Federal tax returns. With the deadline set for April 15, 2025, projections indicate that over 100 million taxpayers need to take action soon. To date, the IRS has received around 42.7 million tax filings, reflecting a drop of 3.8 percent compared to the previous year.

What You Need to Know

Taxpayers should take advantage of the opportunity to file their returns with the help of tax professionals. Jackson Hewitt is extending an exclusive promotion where new clients can get their Federal tax returns prepared for no more than $149 at participating locations from March 1 through March 31, 2025.

Essential Steps to Prepare Your Filing

1. Get Organized: Ensure that all required documents, which should have been distributed by January 31, are gathered. If you haven't received necessary paperwork, promptly request it from employers or financial institutions. Jackson Hewitt’s website offers a useful checklist to help identify which documents are essential.

2. Consult a Tax Professional: Navigating tax returns can be complex, making it beneficial to seek assistance from a knowledgeable tax expert. A qualified tax professional can simplify the process, help maximize your refund, and ensure that all procedures are followed accurately.

3. Accuracy is Key: It is crucial not to assume or estimate figures on your tax return. Inaccuracies can lead to IRS flags and delays in processing. A recent survey found that 43 percent of respondents mistakenly believed that the IRS corrects tax returns that include untaxed income. However, the IRS does not make these corrections, making filing correctly vital.

Mark Steber, Chief Tax Officer at Jackson Hewitt, emphasizes the urgency of filing soon: "Tax filing season moves quickly, and April 15 will be here before we know it. Most taxpayers receive refunds, and those who owe still have time to prepare and pay. Early filing can also help mitigate the risks of identity theft and refund fraud."

Myths About Late Filing

An alarming finding from Jackson Hewitt’s survey reveals that nearly 39 percent of people incorrectly believe that late filers won't face penalties if they are owed a refund. The reality is, however, that there are financial implications for failing to file by the due date, which includes a penalty of five percent of the unpaid tax for each month of delay, capped at 25 percent. Conversely, the IRS does not penalize refunds for late filing.

How Tax Refunds Are Spent

Among those expecting a refund, the top priorities for using this money include savings for emergencies or retirement (26 percent), paying down debt (14 percent), and purchasing groceries (12 percent). When seeking assistance with taxes, most people (58 percent) prefer consulting a trusted tax professional rather than attempting to manage it themselves (27 percent), asking family for help (11 percent), or relying on social media (4 percent).

First-time filers may experience additional stress in understanding applicable deductions (35 percent), gathering documents (26 percent), and making the decision to file independently or seek professional assistance (23 percent).

Why Jackson Hewitt?

Jackson Hewitt prides itself on innovation within the tax industry, focusing on easy, affordable ways for clients to manage their taxes. With over 5,200 locations nationwide, including 2,700 offices within Walmart stores, Jackson Hewitt is committed to supporting clients through their tax needs. Their offerings include the Maximum Refund Guarantee and the Lifetime Accuracy Guarantee, ensuring confidence in their service. For more information or to locate a Jackson Hewitt office, you can visit jacksonhewitt.com or call (800) 234-1040.

Conclusion

As the tax deadline approaches, don’t delay in preparing your return. With professional help from Jackson Hewitt, filing your taxes can be a straightforward and stress-free experience. Remember, early filing not only eases the process but also ensures you meet your obligations on time.