Save on your taxes and lend a hand to local youth

By Chris Middleton

With April 15^th just around the corner, most American’s have taxes somewhere in the back of their minds. Most of us want to save as much money on our taxes as possible without undermining the worthwhile programs that help our community thrive. Would not it be great to save money on taxes while also making a positive contribution to the community? Now you can!

Jackson Hewitt Tax Service Inc. is proud to announce an exciting new program called Lend-a-Hand. Lend-a-Hand is a unique program that helps you save $20 off your tax preparation with Jackson Hewitt while matching that contribution and donating it to one of two local youth focused organizations: The Carmichael Little League or NTLP (National Teen Leadership Program). You get to choose your favorite organization!

Preparing taxes without help from a professional can be stressful, but we can help ease your pain by offering trained professionals to help you navigate complex tax issues, including how healthcare will affect your taxes!

Who are we? Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with 6,500 franchised and company owned locations throughout the United States, including 2,600 located in Walmart stores nationwide and 400 Sears stores in the United States and Puerto Rico in the 2014 tax season. We have operated in the Sacramento valley since 1987 and as a franchise system are well established as your neighborhood tax preparer.

Here in the greater Sacramento are, we are a franchise system and I am the local owner in Rancho Cordova (Olson Dr.) and Carmichael (Manzanita Ave.). Our quest is to help YOU save money and reduce stress while empowering the young people of our community. As a local business we want to contribute to the marvelous work that these fine organizations do in improving our community.

If you would like to learn more about our Lend-a-Hand program, please call our Rancho Cordova office at 916-853-9808 or our Carmichael office at 916-481-0999 or email us at sactaxhelp@gmail.com. More details and copies of the coupons for this offer are also located on our local website: www.sactaxhelp.com

Please share this offer with your friends, co-workers, and family to save on taxes and support the youth in your community.

When should I file my tax return early?

Americans love to do things at the last minute. Maybe it’s the thrill of barely beating a deadline. Maybe we’re just plain busy. Maybe we’re nervous about the outcome. When it comes to filing our tax return it’s often the latter.
“What if I owe money? What if my return isn’t as big as I was expecting? The “what if” of the situation can make the process nerve-racking.
For the 2013 tax filing, the earliest the IRS will begin processing electronically filed returns is January 31^st.
Here are 5 reasons to make a case for avoiding the procrastination bug and get your return filed long before the April 15^th deadline:

1. Get your money sooner: If you’re entitled to a refund then why wait? You have bills to pay and fun and exciting things to do with your money. Get it back and get the tax-filing monkey off your back by filing early. Conversely, if you owe taxes, you’ll know how much earlier and will have more time to drum up the money to pay.
   
2. Help with school: Getting your tax returns done early can help you avoid another last minute rush for filing for financial aid. There is now a direct link between the Federal Student Aid forms and the IRS, so getting your tax return filed will establish your data with the IRS and streamline your financial aid application.
3. Feuding ex-spouse or parent: Hopefully you don’t fall into this category and it’s best to if you can keep the IRS out of your marital strife. But sometimes a spouse who shouldn’t be claiming a child claims that child first, and you’re stuck with the challenge of contesting the right to claim your rightful dependent (consult us on the rules that govern claiming a dependent.)
4. Don’t be a victim: Identity theft is on the rise. The sooner you file, the less opportunity someone else has to file a return in your name. Some criminals break into a home or car, steal identification information and then file taxes in that persons name to collect a refund that isn’t rightfully theirs. Sure, it may not happen to you but lessen the chances for this to happen to you by filing early and get to filing early. When you do file, having your refund direct deposited also avoids opportunities for theft from your mailbox.
5. Less chance of error: The earlier you get started on filing the better chance you have to get organized and discover any missing items. Getting a jump on the process will give you time to gather information and submit a completely accurate return to maximize refund or minimize tax liability.

One word of caution if you’re thinking of filing early: make sure you’ve got all your tax documents before filing. It’s hard enough to remember what you had for breakfast yesterday! Sometimes trying to recall what jobs and sources of income you had last year can be just as tough. So don’t forget about that holiday side gig you picked up and make sure you have everything when you visit our offices.

Visit our website at www.JacksonHewitt.com to locate one of our offices in your neighborhood, find a handy checklist to help you get ready for filing, and find additional offers.

Healthcare and Taxes: Important Terms You Should Know

By Jackson Hewitt: 

The Affordable Care Act (ACA) changes the rules for health insurance.  Everyone can now buy coverage.  However, the law has a tax penalty for people who do not have health insurance. Coverage may also get cheaper.  Many people will qualify for new tax credits.  These credits will help pay for their health insurance.  Others may qualify for free coverage.

To receive these benefits, though, you generally have to file your taxes.  That is why we at Jackson Hewitt say that April 15^th is now the most important day in health care!

What’s Different About Health Insurance in 2014?

Insurers must now offer to cover you, even if you have been sick in the past.  The ACA also forces insurers to pay for your current health conditions; they can no longer exclude these.  So even if you are or have been sick, you can still get coverage.  You will also get “first-day” coverage of all services. Insurers can charge premiums based on your age, where you live and if you smoke.  But they can no longer charge different rates for males and females.  They also cannot charge more if you have health conditions.

The Tax Penalty for Not Getting Coverage:

Under the ACA, most people will pay a tax penalty if they do not have health coverage.  The penalties are about 1% of your income in 2014.  The penalties will go up each year.  But, you can sign up for coverage to avoid the penalty.

Making Coverage More Affordable:

The ACA makes health coverage cheaper in a few ways:

• Medicaid Expansion: Many states have expanded Medicaid.  Up to now, Medicaid covered only people on the “five finger” test (i.e., or the aged, blind, disabled, children, pregnant/parenting adults). Now, many states will cover you if you are not on the five-finger test (for example, if you are an adult under 65 without children).  And these states will essentially use the same income limit for everyone, regardless of which “finger” you are on.  However, this varies by state.

• Tax Credits: The federal government will provide tax credits to people who do not have affordable coverage through their jobs etc.  To qualify, an individual’s income must be between the limits for their household size.  The amount of your credit will depend on your estimated income and household size.  The government will pay these credits directly to the insurance plan that the person picks; the person enrolled will just pay his or her share of the premium to the company.  At tax time, the individual will settle up with the government to make sure that no one paid too little or too much.  However, you must buy coverage on the new marketplaces to get these credits.  Our partners at Get insured can help with this!

• Cost-Sharing Reductions: The federal government will also lower deductibles for some families.  Some people may see their deductibles go down by as much as 80%.  You automatically apply for this when you apply for the tax credits.

Have questions? We can help you! Call today for an appointment.

Editor’s notes: Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with 6,800 locations throughout the United States. We have operated in the Sacramento valley since 1987 and as a franchise system are well established as your neighborhood tax preparer.

We can help you navigate complex tax issues, including how healthcare will affect your taxes!