Good Day NWA: Jackson Hewitt Gets You Prepared for Tax Season

Good Day NWA

Jackson Hewitt wants to make sure you are prepared for tax season.

Watch as Glenda Munson, Jackson Hewitt Area Manager, stops by Good Day NWA to provide tips for tax season as well as information about an upcoming event where you can learn how to put more money back in your pocket.

Take a Tax Break Event

  • Tuesday, January 28
  • Noon- 2:00 p.m.
  • 2616 MLK Jr. Blvd, Suite B
  • Fayetteville

Are there a lot of tax credits and deductions available to people with children?

  • Yes! Child Tax Credit is equal to $2,000 per dependent child under age 17, and the Child and Dependent Care credit can get you a credit on up to $3,000 of childcare costs for a child under age 13.
  • The Earned Income Tax Credit (EITC) can could result in a credit of up to $6,557, and is available to those who qualify. The EITC was designed to help taxpayers working hard to make ends meet. And is a credit that MANY taxpayers miss out on – 1 in 5 people. The EITC is for low- to moderate- wage earners, from cashiers to truck drivers, and was created to reduce or completely eliminate taxes paid by those groups.

What are some other commonly overlooked credits or deductions?

  • Student loan interest
  • Donations made to recognized charities – cash and property. As well as charitable contributions made through payroll deductions or social media. Also, 14 cents per miles driven when doing volunteer work.
  • Casualty losses in a federally declared disaster area
  • Points paid on mortgage or refinancing
  • Legal fees for actions involving unlawful discrimination.
  • Medical transportation – including tolls, parking, and the standard mileage deduction of 20 cents per mile for healthcare, including visiting doctors and dentists, and picking up medicine
  • Nursing home expenses that are primarily for medical care
  • Medical aids such as crutches, canes, and orthopedic shoes
  • Hearing aids, eyeglasses, and contact lenses and the supplies to maintain them
  • Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays Equipment for disabled or handicapped individuals

Are there any “red flags” or “scams” our viewers should be aware of?

  • While tax scams are prevalent throughout the year, their frequency picks up around this time as we’re leading up to tax-filing season. The most common scams are through phishing emails and phishing calls. It’s important to first know that the IRS will NEVER contact you via email or calls – only through mail.
  • Phishing companies go to great lengths to look legitimate, from using the logos of the organization they claim to be representing, to having an email address with an official-sounding domain, and even using the name of a CEO or other high-ranking official.
  • It’s important to NEVER give out information these companies ask for – including your full Social Security. Number, tax filing status, PIN, mother’s maiden name, and the like.
  • That’s also why it’s incredibly important to file early and to file electronically. Filing early not only helps protect against identify theft, but also allows taxpayers extra time if they need to pay taxes in order to avoid filing a tax extension. 

To schedule an appointment with a local tax professional from Jackson Hewitt, click here.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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