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Hi Laura. It’s October?!? Ghosts, goblins, superheroes, and princesses will be seen all over town this month. Be sure to have some treats, so you don’t find yourself being tricked!
Speaking of being tricked, watch this month’s video (below) to learn How to Identify Tax Scams.
We are still getting a lot of questions about the Illinois tax rebates. Some taxpayers have received their rebates already, while some continue to wait. You can get all your rebate questions answered and check the status of your payment here.
Another hot topic has been student loan forgiveness. While we are still waiting on more information, here is what we know to date: the forgiveness application is expected to be released in early October. It is recommended that if you qualify for forgiveness that you apply by November 15th to ensure that your payment reflects your new balance when payments resume in January. As a reminder, if your adjusted gross income is less than $125,000 ($250,000 for married filing jointly) on your 2020 or 2021 tax return, you may be eligible for $10,000 in student loan debt forgiveness. This amount may increase to $20,000 if you were a Pell grant recipient.
Are you using our secure online portal, SmartVault? If not, you should be! You can access your vault to upload, download, view, or print documents and tax returns from this year and prior years. Click here for SmartVault instructions. Remember, SmartVault is available all year long! Please feel free to upload documents such as school registration receipts and home sale closing statements throughout the year.
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Have a great month!
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