Jackson Hewitt® Four Corners Celebrates Tradespersons, Maintenance, Construction and Union Workers with Occupation-Related Tax Savings from February 25 Through March 8
Silver Spring, MD, March 05, 2009 --(PR.com)-- The Jackson Hewitt - Four Corners office, celebrates laborers, maintenance and construction workers today through Sunday, March 8, 2009, when participating Jackson Hewitt locations will offer mechanics, welders, electricians, plumbers, truck / bus drivers, maintenance, construction, Union workers and others in similar occupations filing a 2008 income tax return a $30 discount off tax preparation services. Customers’ information will go through Jackson Hewitt’s proprietary Deductions@Work® program to ensure that they are receiving the credits and deductions that may be available to them. Additional occupations will also be celebrated for specific dates through Sunday, April 12.
Throughout the remaining weeks of the 2009 Tax Season, Jackson Hewitt – Four Corners is working to spotlight a number of industries to help those workers take full advantage of the tax benefits related to their occupation when filing this year.
Following are some of the tax considerations for tradespersons, maintenance, construction and Union workers to be aware of:
• There are numerous deductions for those working in these positions (if expenses are unreimbursed), including: subscriptions to trade journals related to your work; dues for trade associations or unions; insurance premiums for protection against liability or wrongful acts; specialized equipment or tools that are replaceable within one year; safety equipment such as steel-toed shoes or boots; and the cost and upkeep of uniforms if they are required for work and not suitable for everyday wear (for example, specialized coveralls, hard hat, work gloves, safety shoes, and goggles not considered “street wear”).
• Those who perform a trade, such as painters, welders, plumbers or other laborers, may be self-employed or may own their own businesses, and many of them provide trade services outside or in addition to their regular jobs. Payments received for this work may be considered income from self-employment and reportable on Schedule C, Profit or Loss from Business. For example, if a tradesman installs an overhead fan in a home or provides backyard wiring as an additional job, this would be considered self-employed income. You may account for the income amounts yourself or you may receive a Form 1099-MISC, Miscellaneous Income.
• If you are self-employed and your net earnings are $400 or more, you must pay self-employment tax on the income you report on Schedule C. In addition, you may need to make estimated payments to cover the amount of self-employment tax or income tax associated with the income you report on Schedule C.
• You may be able to deduct job hunting expenses you incurred while you were temporarily unemployed as long as your new job is in the same field of work as your previous job. Holding odd jobs during the period of temporary unemployment does not disqualify you from deducting the job hunting expenses. For example, a plumber working temporarily as a pipe fitter until finding another plumbing job may deduct job hunting expenses.
“Taxpayers may overlook the credits and deductions specific to their field, including certain un-reimbursed, job-related expenses,” said John J. Lah, MBA, CFA, Franchise Owner of Jackson Hewitt – Four Corners office “We want area taxpayers to know that making sure their job-related tax considerations are thoroughly reviewed is important to ensure that they are not missing out on benefits that can add money to their bottom-line.”
Jackson Hewitt’s proprietary Deductions@Work program reviews more than 50 of the most common professions in the U.S. and notes all of the credits and deductions available for each. For more information on occupation-focused deduction considerations, visit: http://www.jacksonhewitt.com/DeductionsWork/. For information on the most commonly overlooked deductions, visit http://www.jacksonhewitt.com/ResourcesLibraryTop50/.
Additional occupations honored throughout the final weeks of Tax Season 2009 include: 3/9 – 3/15: Food & Beverage Workers; 3/16 – 3/22: Teachers & Government Workers; 3/23 – 3/29: EMT & Healthcare Professionals; 3/30 – 4/5: Military, Firefighters & Police; 4/6 – 4/12: Drivers & Retirees.
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Throughout the remaining weeks of the 2009 Tax Season, Jackson Hewitt – Four Corners is working to spotlight a number of industries to help those workers take full advantage of the tax benefits related to their occupation when filing this year.
Following are some of the tax considerations for tradespersons, maintenance, construction and Union workers to be aware of:
• There are numerous deductions for those working in these positions (if expenses are unreimbursed), including: subscriptions to trade journals related to your work; dues for trade associations or unions; insurance premiums for protection against liability or wrongful acts; specialized equipment or tools that are replaceable within one year; safety equipment such as steel-toed shoes or boots; and the cost and upkeep of uniforms if they are required for work and not suitable for everyday wear (for example, specialized coveralls, hard hat, work gloves, safety shoes, and goggles not considered “street wear”).
• Those who perform a trade, such as painters, welders, plumbers or other laborers, may be self-employed or may own their own businesses, and many of them provide trade services outside or in addition to their regular jobs. Payments received for this work may be considered income from self-employment and reportable on Schedule C, Profit or Loss from Business. For example, if a tradesman installs an overhead fan in a home or provides backyard wiring as an additional job, this would be considered self-employed income. You may account for the income amounts yourself or you may receive a Form 1099-MISC, Miscellaneous Income.
• If you are self-employed and your net earnings are $400 or more, you must pay self-employment tax on the income you report on Schedule C. In addition, you may need to make estimated payments to cover the amount of self-employment tax or income tax associated with the income you report on Schedule C.
• You may be able to deduct job hunting expenses you incurred while you were temporarily unemployed as long as your new job is in the same field of work as your previous job. Holding odd jobs during the period of temporary unemployment does not disqualify you from deducting the job hunting expenses. For example, a plumber working temporarily as a pipe fitter until finding another plumbing job may deduct job hunting expenses.
“Taxpayers may overlook the credits and deductions specific to their field, including certain un-reimbursed, job-related expenses,” said John J. Lah, MBA, CFA, Franchise Owner of Jackson Hewitt – Four Corners office “We want area taxpayers to know that making sure their job-related tax considerations are thoroughly reviewed is important to ensure that they are not missing out on benefits that can add money to their bottom-line.”
Jackson Hewitt’s proprietary Deductions@Work program reviews more than 50 of the most common professions in the U.S. and notes all of the credits and deductions available for each. For more information on occupation-focused deduction considerations, visit: http://www.jacksonhewitt.com/DeductionsWork/. For information on the most commonly overlooked deductions, visit http://www.jacksonhewitt.com/ResourcesLibraryTop50/.
Additional occupations honored throughout the final weeks of Tax Season 2009 include: 3/9 – 3/15: Food & Beverage Workers; 3/16 – 3/22: Teachers & Government Workers; 3/23 – 3/29: EMT & Healthcare Professionals; 3/30 – 4/5: Military, Firefighters & Police; 4/6 – 4/12: Drivers & Retirees.
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Contact
Jackson Hewitt Tax Service - Four Corners
John J. Lah, MBA, CFA
301-681-7180
www.jacksonhewitt.com
John J. Lah, MBA, CFA
301-681-7180
www.jacksonhewitt.com
Contact
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