Taxpol Mt Prospect Corp

2023 Tax season is officially open - IRS is now accepting tax return.

Our office will be open Mon-Fri 10-6 and Sat 10-3 Call to schedule appointment

Warning!!!!

2022 Tax season is officially open - IRS is now accepting tax return.
More changes this year less tax credits less deductions.
It will be interesting year, be prepared! We can help with that.
Our office will be open Mon-Fri 10-6 and Sat 10-3 Call to schedule appointment

ATTN RESIDENTS OF Mount Prospect.
Property Tax Relief Grant is offered by City of Mt Prospect.
To qualify single income less then $25,760 or single $34,840
Application due by January 31, 2023 Call city 847-818-5368

2022 Mileage Rate Changes
Purpose Rates 1/1 through 6/30/2022
Business 58.5
Medical/Moving 18
Charitable 14

7/1/2022- 12/31/2022
Business 62.5
Medical/Moving .22
Charitable 14

The release of the 2023 standard mileage rate from the IRS reveals the rate is going up. The new standard mileage rate for 2023 is 65.5 cents per mile.

That is a 0.3-cent increase from the 2022 standard mileage rate adjustment the IRS announced earlier this year as a means of combatting inflation and higher gasoline costs.

Employers warned to beware of third parties promoting improper Employee Retention Credit claims

Employers warned to beware of third parties promoting improper Employee Retention Credit claims | Internal Revenue Service IR-2022-183, October 19, 2022 — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and com...

https://content.govdelivery.com/accounts/USED/bulletins/32f1c6a

Update on the Biden-Harris Administration’s Student Debt Relief Plan Update on the Biden-Harris Administration’s Student Debt Relief Plan U.S. Department of Education sent this bulletin at 09/29/2022 11:31 AM EDT Having trouble viewing this email? View it as a Web page. Update on the Biden-Harris Administration’s Student Debt Relief Plan Last month, President Bid...

https://content.govdelivery.com/accounts/ILDOR/bulletins/32e8f9e

Illinois Tax Rebate Program Resources Illinois Tax Rebate Program Resources Illinois Department of Revenue sent this bulletin at 09/23/2022 12:32 PM CDT View as a webpage / Share IDOR News & Updates - September 23, 2022 2022 Tax Rebate Program Resources The Illinois Family Relief Plan (Public Act 102-0700) provides for one-time individu...

The state is accepting applications from homeowners for grants of up to $30,000 to eliminate or reduce past-due mortgage and property tax payments. The Illinois Homeowner Assistance Fund Program will provide direct financial assistance to prevent mortgage delinquencies, defaults, displacements, and foreclosures for income-eligible homeowners experiencing pandemic-related hardships. https://www.illinoishousinghelp.org/

Public Service Loan Forgiveness Program

If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program.

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

For more information on this program and to see if you qualify, please go to the government website - https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

Federal Student Aid

STUDENT LOANS DEBT CANCELLATION

How do I know if I am eligible for debt cancellation?
 To be eligible, your annual income must have fallen below $125,000 (for individuals) or
$250,000 (for married couples or heads of households)
 If you received a Pell Grant in college and meet the income threshold, you will be
eligible for up to $20,000 in debt cancellation.
 If you did not receive a Pell Grant in college and meet the income threshold, you will be
eligible for up to $10,000 in debt cancellation.
What does the “up to” in “up to $20,000” or “up to $10,000” mean?
 Your relief is capped at the amount of your outstanding debt.
 For example: If you are eligible for $20,000 in debt relief, but have a balance of $15,000
remaining, you will only receive $15,000 in relief.
What do I need to do in order to receive loan forgiveness?
 Nearly 8 million borrowers may be eligible to receive relief automatically because
relevant income data is already available to the U.S. Department of Education.
 If the U.S. Department of Education doesn& #39;t have your income data, the Administration
will launch a simple application which will be available by early October.
 If you would like to be notified when the application is open, please sign up at
the Department of Education subscription page.
 Once a borrower completes the application, they can expect relief within 4-6 weeks.
 We encourage everyone who is eligible to file the application, but there are 8 million
people for whom we have data and who will get the relief automatically.
 Borrowers are advised to apply before November 15 th in order to receive relief before the
payment pause expires on December 31, 2022.
 The Department of Education will continue to process applications as they are received,
even after the pause expires on December 31, 2022.
Source:

The Biden-Harris Administration's Student Debt Relief Plan Explained New one-time student loan cancellation to be granted based on income; and student loan payment pause extended through Dec. 31, 2022

2022 State of Illinois Tax Rebates ( Individual Tax Rebate and Property Tax Rebate )

2022 State of Illinois Tax Rebates - 2022 Illinois Tax Rebates Anyone, 6 months of age and older, is eligible to receive the COVID-19 vaccine. Find your nearest vaccination location at vaccines.gov.

Announcement 2022-13 advises that the Internal Revenue Service is revising the optional standard mileage rates that were provided in Notice 2022-3, 2022-2 I.R.B. 308, for substantiating the costs of operating an automobile for business, medical or moving purposes. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense. Notice 2022-3 is modified.