SOURCE: Jackson Hewitt Tax Service

Jackson Hewitt Tax Service

March 24, 2016 10:42 ET

Jackson Hewitt® Reminds Late Filers of Penalties

Survey on Tax Filing Habits Reveals That Millennials Are Playing It Smart by Seeking in-Person Advice and Filing on Time

JERSEY CITY, NJ--(Marketwired - Mar 24, 2016) -  They say that wisdom comes with age, but millennials are the generation who are setting the example this tax season. A new survey commissioned by Jackson Hewitt Tax Service® found that zero percent of Americans ages 18 to 35 plans to file an extension, compared to six percent among all other generations. In another survey finding, millennials more closely matched baby boomers than Gen X in their approach to doing taxes, with 51 percent seeking in-person advice rather than self-preparing.

"Millennials know that a tax professional can help you claim your maximum refund and avoid leaving money-saving credits or deductions on the table," said David Prokupek, CEO of Jackson Hewitt. "This year the tax deadline is April 18th, but the date is quickly approaching. The professionals at Jackson Hewitt are open late to help clients file their taxes or file an extension before the due date."

While delaying may seem appealing in the short term, Jackson Hewitt cautions that there are two penalties that taxpayers may face -- failure-to-file and failure-to-pay. For those who do not file a return or an extension, the failure-to-file penalty is 5 percent of unpaid taxes each month, not to exceed 25 percent. Filing for an extension with form 4868 grants a filing extension, but does not defer payment of taxes that are due. If you don't pay at least 90 percent of the expected taxes due, the IRS can also assess a failure-to-pay penalty. This penalty is much less costly; starting at 0.5 percent of unpaid taxes each month, not to exceed 25 percent.

Jackson Hewitt tax professionals are trained to help clients identify IRS payment relief options, including monthly installments or an offer-in-compromise based on the clients' income. To find the nearest Jackson Hewitt location, visit www.JacksonHewitt.com or call 1 (800) 234-1040.

About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is the fastest-growing full-service tax preparation company, with a mission of offering its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. With more than 25,000 Tax Professionals, Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. Jackson Hewitt is convenient, with approximately 6,300 franchised and company-owned locations, including 3,000 Walmart locations, and online and mobile tax solutions. For more information about products, services and offers, or to locate your neighborhood Jackson Hewitt office, visit www.JacksonHewitt.com or call 1 (800) 234-1040.

Survey Methodology
Jackson Hewitt® commissioned a survey of American adults to understand attitudes and awareness regarding the 2016 tax season. The polling company, ORC International, surveyed 1,029 consumers online from March 3-6, 2016. The combined sample consists of 1,029 adults (18 years old and older) living in the continental United States with a demographically representative sample. Final data is weighted by age, gender, region, race/ethnicity and education to be proportionally representative of the U.S. adult population.

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