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State Directory- Tax Planning2022 has been a very interesting year for taxpayers. Tax Day will likely look different for many of us, which is why smart tax planning and thinking ahead could really pay off.
- Charitable Giving
- Estate Taxes
- Tax ServicesJERSEY CITY, N.J., March 17, 2023 – March Madness is sweeping across the country with 68 million adults planning to wager up to $15.5 billion dollars this year, according to the American Gaming Association. With the surge of bracket contests and office pools, Jackson Hewitt Tax Services found that 62 percent of taxpayers are unclear on how to report money won from sports bets and gambling, according to a recently fielded survey. Additionally, nearly half (48 percent) falsely believe cash winnings from sports bets are only taxable if their respective state has legalized sports betting; when in reality, all income must be reported.
- Tax DeductionsJERSEY CITY, N.J., February 22, 2021 – According to the IRS, only 13.9% of taxpayers itemized deductions in 2019, which is down from 30% of taxpayers in 2018. The IRS found that taxpayers who claimed the standard deduction in 2020 received more than $747 billion in tax deductions but had they itemized they might have gotten a better deal. Jackson Hewitt Tax Services® wants taxpayers to know there are several credits and deductions available to them that are often overlooked and go unclaimed. For example, 20% of taxpayers that qualified for the Earned Income Tax Credit (EITC) failed to claim it. The EITC can be worth up to $6,600 for qualifying taxpayers.
- Income TaxWidely referenced as an expert on consumer income tax issues, Mark Steber is our national spokesperson and a frequent guest commentator on television and various digital outlets. Mark was recently quoted in...
- Payroll ServicesA W-4 form is an IRS tax form that you give to your employer (or their payroll service) which informs them how much of your paycheck you wish to have withheld and sent to the IRS to cover your federal income taxes.
- Retirement PlanningNormally, taxpayers are required to withdraw an annual minimum distribution amount from their IRAs or certain pension plans once they reach age 72 (after December 31, 2019).