PARSIPPANY, N.J. April 8 /PRNewswire-FirstCall/ -- Each year many taxpayers overlook important tax credits or deductions, select the wrong filing status or make errors in calculating their taxes owed. Fortunately, previously filed returns, currently from as far back as the 2006 tax year, can be amended and re-filed, according to Jackson Hewitt Tax Service®.
"Amending a return can be very worthwhile for many people," said Mark Steber. chief tax officer, Jackson Hewitt Tax Service Inc. "If you filed using the wrong filing status, listed an incorrect total income, or did not claim your dependents properly, you should take steps to update your return with accurate information. In addition to correcting errors, taxpayers can use an amended return to claim credits and deductions that may have been missed, possibly getting some additional money back. A knowledgeable tax preparer can help you determine what you've missed or need to correct."
To amend a tax return, taxpayers should first determine if they still have time to do so. You must submit amended returns within three years of the due date or filing date of the original return, or within two years of the date when the taxes were paid, whichever is later. For example, the opportunity to amend most 2006 returns ends April 15, 2010 .
If you are eligible to amend, use Form 1040X, Amended U.S. Individual Income Tax Return. Enter the corrected information on this form along with the refund received or balance paid with the original tax return. The new amount to be refunded to you or paid to the IRS should also be reported on this form. Additional supporting documentation, such as new Form W-2 copies, as well as any new or changed forms or schedules must also be submitted.
You can also change your filing status when amending a return. For example, married couples often benefit by filing a
joint return as opposed to filing separately. The amendment process enables individuals that did not file jointly to change their filing status, if eligible. Similarly, taxpayers who qualify as a Head of Household will recognize a greater standard deduction by changing their returns to this filing category instead of using the single status. However, according to Steber, "You cannot change a jointly-filed tax return into two separately filed tax returns after April 15 of the year the tax return was originally due."
Finally, in reviewing previously-filed tax returns, make sure all of the credits and deductions available are properly claimed. For example, the Telephone Excise Tax rebate was available for tax year 2006 only. Taxpayers must file their amended or original returns before April 16, 2010 to receive this rebate. In addition, the original energy tax credit for homeowners who made qualifying energy-efficient home improvements in 2006 may also be claimed by amending a 2006 return to include the pre-determined percentage of the cost of the improvement, up to $500 .
To obtain additional information about amending a return or to learn about credits and deductions available for each tax year, visit www.jacksonhewitt.com. To speak with a local tax preparer or find the Jackson Hewitt office nearest to you, call 1-800-234-1040.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX ), with more than 6,300 franchised and company-owned offices throughout the United States. is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. In addition, an online tax preparation product, Jackson Hewitt® Online, is available at www.jacksonhewittonline.com. The company is based in Parsippany, New Jersey. Jackson Hewitt Technology Services LLC is located in Sarasota, Florida. More information may be obtained at http://www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service® office nearest to you, call 1-800-234-1040.