From Getting Your Money Sooner to Preventing Identity Theft, It is Advantageous to Tackle this Annual Task Today
PARSIPPANY, N.J., March 12, 2012
PARSIPPANY, N.J., March 12, 2012 /PRNewswire/ -- According to Internal Revenue Service data, over 51 million people filed a tax return by this time a year ago*. Even though over 75 percent of taxpayers who filed received a tax refund -- the average being nearly $3,000 -- many chose to wait until the tax filing deadline to tackle this important annual task. While the 2012 filing deadline of April 17 may seem far off, there are clear incentives to completing a tax return now, according to Jackson Hewitt Tax Service®.
"There is no real advantage to waiting to file a tax return because, even if you owe taxes, you can delay making a payment until April 17," said Mark Steber, chief tax officer, Jackson Hewitt Tax Service Inc. "The top advantage of filing now, assuming you have a refund coming to you, is to receive your refund sooner, rather than later. Early filing has the added advantages of discouraging identity theft and avoiding the last minute crunch."
Steber cites five key reasons to get started filing a 2011 tax return:
1. It's Your Money - Get It Back: Although the economy appears to have shown signs of improvement, many Americans continue to struggle. Since three out of four taxpayers will receive a refund from Uncle Sam, filing now means getting those much needed dollars sooner;
2. Discourage Identity Theft: Once your tax return has been filed, your Social Security number can't be reused to file a return, thereby discouraging identity theft. With identity theft on the rise, it makes sense to try to avoid becoming part of a growing problem. In fact, the IRS protected more than $1.4 billion of taxpayer funds from getting into the wrong hands due to identity theft in 2011**;
3. It's Easy: For many taxpayers who choose to work with a paid tax preparer, the process is not time consuming. A taxpayer with a relatively simple return, and with good records in hand, can plan on spending about an hour with a preparer to check off this annual responsibility;
4. No Delays: Despite some earlier processing issues at the IRS, all systems are moving smoothly now, with refunds being processed within the historical range of 10 to 21 days; and,
5. Avoid the Last Minute Crunch: Every year, thousands of taxpayers wait until the last minute to file. Making an appointment now ensures that you have the chance to meet with a neighborhood preparer at a time that is convenient for you, and removes the need to sit in a crowded lobby or stand in a long line on April 17.
About Jackson Hewitt Tax Service Inc. Based in Parsippany, NJ, Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with nearly 6,500 franchised and company-owned locations throughout the United States, including 2,800 located in Walmart stores nationwide. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate your neighborhood Jackson Hewitt® office, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.