Jackson Hewitt Big Tax Check Day Check List And Taxsmasters Update - Pennytobuck

In celebration of the Company's first-ever "Big Tax Check-Up Day," Chief Tax Officer Mark Steber of Jackson Hewitt Tax Service (NYSE:JTX) shares the top five items to consider now as part of a mid-year tax review:


Review withholdings: Your withholding amount is used to offset or "pay" your taxes when you file your tax return; having too little withheld can result in a low refund or a balance due. Checking your withholding during the year (by speaking with a local tax preparer or consulting the online IRS calculator) is a good way to ensure that you are not having too much or too little federal income tax withheld from your pay. To make the change, provide your employer with an updated copy of your Form W-4 (Employee's Withholding Allowance Certificate).




Evaluate what you are saving and how: Look for ways to participate in tax-free savings opportunities which decrease your taxable income, either through your company's 401(k) program or by investing in an IRA. For 401(k) plans, the maximum contribution amount is $16,500; for those 50 years of age or older, you can increase your contribution by an additional $5,500. Also, know how various financial savings tools are impacted by taxes. For example, a traditional IRA or 401(k) may lower your taxes today, but a Roth account will help keep your taxes lower when you retire and start drawing from the account.
TaxMasters, Inc. (TAXS.OB) filed a Current Report on Form 8-K on Wednesday, July 7, 2010 to announce that Patrick Cox, its founder, CEO and majority shareholder, voluntarily entered into a Financial Reorganization Agreement in which Mr. Cox deposited 200 million shares of his TaxMasters common stock with TaxMasters transfer agent, Olde Monmouth Stock Transfer Co., Inc. These shares will be held in escrow by Olde Monmouth for a five year period ending June 30, 2015. During that time, Mr. Cox has waived his right to vote the escrowed shares and he has also waived his right to receive any dividends or other distributions by TaxMasters with respect to the escrowed shares. As a result of Mr. Coxs voluntary escrow of shares, there are now 139,676,105 shares of common stock that can be voted or can receive dividends or other distributions. The 139,676,105 shares will also be the number of shares used to calculate earnings per share for TaxMasters financial statements.

TaxMaster, Inc. (TAXS) engages in the resolution of Internal Revenue Service (IRS) tax problems for customers in the United States and internationally. It specializes in the resolution of disputes and assessments, and the settlement of tax liabilities.



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