New Tax Law Changes Mean Many Taxpayers Will Get Larger Refunds
February 2004 (Newstream) --
ANCHOR LEAD: If you haven't already, it's time to begin preparing to
file your taxes. Matt Kelly tells us many Americans may be in for a
pleasant surprise. (:59)
SCRIPT: Tax Tips, I'm Matt Kelly. Millions of Americans may have the
opportunity to receive a larger tax refund than expected this year, due to
major tax cuts signed into law by President Bush. Mike Lister, president
of Jackson Hewitt Tax Service, says knowing about these new tax cuts and
other money-saving credits and deductions can make a big difference in
your bottomline, thus now more than ever there's good reason to seek
professional know-how when preparing your taxes.
CUT: (Lister) People tend to overlook deductions and credits that can
make a big difference on their tax returns. So things like eyeglasses and
contact lenses, even the cost and the cleaning or uniforms are deductions.
People also don't realize the value of the items that they give away to
charity. For that reason, we've built a product into our software that
literally calculates the fair market value of all the items they give
away.
SCRIPT: In fact, Lister says, each year millions of Americans overpay
taxes every year because they underestimate the value of their non-cash
donations. For more information about getting the most from the new tax
laws, go to
www.jacksonhewitt.com. I'm Matt Kelly.