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https://www.cookcountyil.gov/service/cook-county-homeowner-relief-fund

Cook County Homeowner Relief Fund Cook County is launching the Cook County Homeowner Relief Fund, a $15 million program that will assist households that have experienced a substantial increase on their property tax bills in recent years.Under the direction of the Cook County Bureau of Economic Development, the Cook County Homeowner....

https://www.taxpayeradvocate.irs.gov/news/tax-tips/is-ai-generated-tax-advice-making-the-grade/2024/06/

Is AI Generated Tax Advice Making the Grade? From smartphones to social media algorithms and virtual assistants, artificial intelligence (AI) has permeated nearly every aspect of our lives, even taxes. But advice you get from an AI chatbot may not be as good as you think it is.

Educational Tax Credit
Tax benefits exist in the form of credits and deductions for those paying for higher education. We encourage students and their families to take advantage of such benefits offered in an effort to reduce the cost burden of college. Please read below and explore the links provided for more information.

Please note: Not all students or expenses are eligible for education tax benefits

CREDITS
An education credit helps with the cost of higher education by reducing the amount of tax owed on a tax return. If the credit reduces the taxes owed to less than zero, students and families may get a tax refund. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit.

WHO CAN CLAIM AN EDUCATION CREDIT?
There are additional rules for each credit, but those seeking to claim them must meet all three of the following requirements for either credit:

Individual, their dependent or a third-party pays qualified education expenses for higher education.
An eligible student must be enrolled at an eligible educational institution.
The eligible student is the individual, their spouse or a dependent they list on their tax return.
If a student is eligible to claim the Lifetime Learning Credit and also eligible to claim the American Opportunity Tax Credit, individuals and families can choose to claim either credit, but not both.

The AOTC may not be claimed if a student was a nonresident alien for any part of the tax year unless they elect to be treated as a resident alien for federal tax purposes. For more information about AOTC and foreign students, visit American Opportunity Tax Credit - Information for Foreign Students.

DEDUCTIONS
Deductions reduce the amount of income that is subject to tax, thus generally reducing the amount of tax that must be paid. There are several education deductions available including those related to tuition and fees as well as student loan interest paid. For more information, visit the IRS Tax Benefits for Education Information Center.

1098-T FORM
A 1098-T is provided to undergraduate students by the beginning of February provided the student was enrolled at any time in the previous calendar year. Students not part of an undergraduate program, such as Continuing Education or Adult Education, do not receive a 1098-T.

https://www.irs.gov/newsroom/tax-season-rapidly-approaching-get-ready-now-to-file-2023-federal-income-tax-returns-in-early-2024

Tax season rapidly approaching: Get ready now to file 2023 federal income tax returns in early 2024 | Internal Revenue Service IR-2023-210, Nov. 13, 2023 — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help “get ready” to file their 2023 federal tax return.

https://www.heartlandalliance.org/chicago-resiliency-fund_
This program is open to College students as well!

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https://youtu.be/TpSZk-o8FyU

2023 IRS TAX REFUND UPDATE - New Refunds Approved, Tax Return Status, Path Act, Refund Holds, IRS On today’s IRS Tax refund update as we enter into week 3 of the current tax season, we will check in on the latest developments including the next batch of t...

When to expect EITC or Child Tax Credit refund in February? - Line Financial Blog During the 2023 tax season, if you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), here's when you can expect to get your refund.

Scan for more tax related information and link to 1040.com

Important info for people considering making early withdraws from retirement funds

No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early withdrawals can come with heavy penalties and costly tax consequences. Here’s some important info for people to consider before they dip into their hard-earned retirement savings.

Workplace retirement plans: 401(k), 403(b) and 457(b)
These plans can distribute benefits only when certain events occur. The plan’s summary description should clearly state when a distribution can occur. It will also state if the plan allows hardship distributions, early withdrawals or loans.

Hardship distributions are withdrawals from a participant’s account made because of an immediate and heavy financial need and it’s limited to the amount necessary to satisfy that financial need. The need of the employee includes the need of the employee’s spouse or dependent.
Hardship distributions are includible in gross income unless they consist of designated Roth contributions.
Distributions before the participant turns 65, or the plan’s normal retirement age, if earlier, may result in an additional income tax of 10% of the amount withdrawn.
Repaying hardship distributions back to the plan or rolling it over to another plan or IRA isn’t permitted.
Borrowers repay loans from these plans back to the retirement account. Borrowers should review the limits on loan amounts and other requirements. Taxes on this money don’t occur if the loan meets the rules and repayment happens on schedule.

Required minimum distributions
Taxpayers must make required minimum distributions each year beginning with the year the taxpayer turns 72, 70 ½ if the taxpayer turned 70 ½ in 2019. People calculate the RMD by dividing the IRA account balance as of December 31 of the prior year by the applicable distribution period or life expectancy. RMDs are waived for 2020 due to COVID-19 relief provisions. Required minimum distributions are not required for Roth IRA.

IRAs and IRA-based plans
Individuals can take distributions from their IRA, SEP-IRA or SIMPLE-IRA at any time. Taxpayers do not need to show a hardship to take a distribution – they can just contact the financial institution managing the account.

Early distributions occur when individuals withdraw money from an Individual Retirement Account or retirement plan before age 59½.These retirement plan distributions are subject to income tax. Individuals must also pay an additional 10% early withdrawal tax unless an exception to the early distribution tax applies. Regardless of age, the account holder must file a Form 1040 Individual Income Tax Return showing the amount of the withdrawal and complete and attach a Form 5329, Additional Taxes on Qualified Plans, Including IRAs, and Other Tax-Favored Accounts, to the tax return. These are requirements for early withdrawals and regular distributions.

Coronavirus-related distributions and loans
The CARES Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. Certain distributions made from Jan. 1, 2020, through Dec. 30, 2020, from IRAs or workplace retirement plans to qualified individuals may be treated as coronavirus-related distributions.

These distributions aren’t subject to the 10% additional tax on early distributions, including the 25% additional tax on certain SIMPLE IRA distributions.
Repayment to an IRA or workplace retirement plan can occur within three years.
Taxpayers can include Coronavirus-related distributions in income over 3 years, one-third each year, or if elected, in the year of the distribution.

Divorce-related distributions
Early distributions taken from a traditional IRA to satisfy a divorce requirements or court order are subject to regular income tax requirements and the 10% additional tax unless there is a qualifying exception

https://www.irs.gov/publications/p530

Publication 530 (2021), Tax Information for Homeowners | Internal Revenue Service Publication 530 - Introductory Material Reminders Introduction Comments and suggestions. Getting answers to your tax questions. Getting tax forms, instructions, and publications. Ordering tax forms, instructions, and publications. Useful Items - You may want to see: Publication 530 - Main Contents W...