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Hi Laura. Happy November! This month we slow down and give thanks for all that we have before we head into the December festivities, and then straight into tax season.
We at LMM & Associates are thankful for all of you.
We are excited to welcome Samantha Avalos, EA to the tax team! Samantha comes to us with two years of tax experience, and a willingness to jump right into the mix. You can reach Samantha at Samantha.Avalos@lauraMraz.com.
Are you required to take an RMD from your retirement account? If you are age 72 or better, the answer is yes! If you haven’t taken your RMD yet, make sure to do so by 12/31/22 to avoid penalties.
Here is the latest on student loan forgiveness. Follow this link https://studentaid.gov/debt-relief/application to submit your application for forgiveness. It is recommended that if you qualify for forgiveness that you apply by November 15th. 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!
Have a great month!
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