Jackson Hewitt Reminds First-Time Homeowners That Clock Is Ticking on New Home Credit

Jackson Hewitt Reminds First-Time Homeowners That Clock Is Ticking on New Home
Credit
For Those in the Final Stages of Buying a First Home, Midnight on November 30
Marks Deadline to Reap Tax Benefit

PARSIPPANY, N.J., Nov. 2 /PRNewswire-FirstCall/ -- With less than 30 days to
go to qualify for the first-time homebuyers' credit, those who are considering
purchasing a first home may be feeling the pressure to make an important
decision -- and to act quickly. Over 1.4 million* taxpayers have already
taken advantage of this significant tax incentive, and Jackson Hewitt Tax
Service® is reminding qualified first-time homebuyers purchasing a principal
residence that they must close on that residence by midnight on November 30,
2009 in order to qualify for the credit of up to $8,000.

"Any first-time homebuyer in the process of buying a new home needs to push to
get the closing scheduled and done in the next four weeks. Otherwise they'll
miss the chance to take advantage of what is clearly a substantial refundable
credit," said Mark Steber, chief tax officer, Jackson Hewitt Tax Service.

Steber highlighted several things first-time homebuyers racing to meet the
midnight deadline of November 30 should keep in mind:

-- The Internal Revenue Service considers the purchase date to be the
date
when the home closing takes place and when the title to the property
is
transferred to the new owner. "This is an absolutely critical factor
to
consider, given the length of time it typically takes to close and the
fast-approaching deadline," said Steber.

-- To be considered a first-time homebuyer, an individual must not have
owned a principal residence during the three-year period prior to the
purchase. "This means if you are married and both or one of you
purchase a home, neither one of you can have owned a principal
residence
in the previous three years to qualify for the credit," he cautioned.

-- This credit allows single taxpayers, or those who are married and file
jointly, to claim 10 percent of the purchase price of their home, up
to
$8,000. Those who are married and file separately can claim up to
$4,000 on each return.

-- Those who filed a 2008 income tax return before purchasing a home
within
the allotted timeframe can claim the credit by amending their 2008
return, or by waiting to claim the credit when filing a 2009 tax
return.

-- First-time homebuyers should also be mindful of the income limits that
define eligibility. Single taxpayers who exceed $95,000 in annual
income are not eligible, nor are those married taxpayers who file
jointly with an annual income over $170,000.

-- The credit for homes purchased on or after January 1, 2009 and before
November 30, 2009 does not have to be repaid unless the home is then
sold within 36 months of the closing date.

* http://www.irs.gov/newsroom/article/0,,id=204671,00.html

More information about the first-time homebuyer credit and other home-related
tax considerations is available online at www.jacksonhewitt.com.

To speak with a local tax preparer or find the Jackson Hewitt office nearest
to you, call 1-800-234-1040.

About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with approximately 6,600
franchised and company-owned offices throughout the United States during the
2009 tax season, is an industry leader providing full service individual
federal and state income tax return preparation. Most offices are
independently owned and operated. Jackson Hewitt is based in Parsippany, New
Jersey. More information may be obtained at www.jacksonhewitt.com. To locate
the Jackson Hewitt Tax Service® office nearest to you, call 1-800-234-1040.

Contact:
Jorge Lavina Melissa Connerton
CooperKatz & Company CooperKatz & Company
917-595-3047 917-595-3039
jlavina@cooperkatz.com mconnerton@cooperkatz.com

SOURCE Jackson Hewitt Tax Service Inc.

Jorge Lavina, +1-917-595-3047, jlavina@cooperkatz.com, or Melissa Connerton,
+1-917-595-3039, mconnerton@cooperkatz.com, both of CooperKatz & Company