News from the Reference Desk Category: Taxes

Cook County Waiving Late Fees for Two Months

cartoon house surrounded by moneyThe Cook County Treasurer’s office has announced that Cook county property owners have two additional months–until May 3–to pay the first installment of their property tax bills without a late fee. Taxpayers can pay the first installment, due March 2, without a late fee through May 3.  Late fees also will be waived for two months for the second installment due later this year.

Property owners can pay their bills by visiting the treasurer’s office online and entering their street address.

Help Coming for Wrongly Inflated Tax Bills

According to an article in the July 6, 2019 Daily Herald, a “miscalculation” of the senior freeze property tax discount by the Cook County assessor’s mainframe computer artificially inflated thousands of tax bills for low-income homeowners in Wheeling Township.  The problem was isolated mainly to Wheeling Township seniors but a few errors were also discovered in other townships.

The Cook County Assessor’s office is issuing certificates of error to the affected homeowners. These bills will replace the ones issued by the Cook County treasurer’s office earlier this month. 3200 properties were reported to Wheeling Township Assessor Jerry Sadler but he also found about 100 other homeowners affected who were not on the list.

Those seniors eligible for the discount are encouraged to carefully check their bills. If you have questions, please contact the Wheeling Township Assessor’s office by telephone at 847-259-1515 or by email at taxpayerassistance@wheelingtownship.com. The assessor’s office will review your information.

Get Help from the Small Business Administration

If you’re a small business owner or entrepreneur with a great idea, you may be looking for resources to help answer some of the many questions you most likely have. Well, the Mount Prospect Public library is here to help–with a little assistance from the Small Business Administration (SBA)! The SBA is the government agency tasked with providing information and programs dedicated to assisting small businesses, and one of the best is their yearly Small Business Resource Guide. Inside you’ll find info on everything from how to start a business and writing a business plan to programs designed to help veterans and native Americans, as well as funding sources. Just click above or HERE to get started, or grab a paper copy from the Business Resource Center behind the Research desk. And if you need help navigating this or other business resources available at the library, MPPL Business Reference Joe Collier is available for one-on-one reference appointments–just email or call the library to set one up!

Get Smart About Money in 2018!

Well, the holidays are over and it’s the start of another year–and another opportunity to reevaluate your financial life and practices, woo-hoo! The good news is that it just got a lot easier, thanks to all the wonderful resources and tools available at Smart About Money (SAM). Smart About Money is one of the many programs of the National Endowment for Financial Education®. NEFE® is an independent, nonprofit foundation committed to educating Americans on a broad range of financial topics and empowering them to make positive and sound decisions to reach their financial goals. They offer tips, strategies and information on diverse topics like crisis and fraud, saving and investing, spending and borrowing, housing and transportation, taxes and more.

Click through and take a look at some of the tools like the Life Values Quiz, designed to help you better understand how and why you make financial decisions. Knowing your own habits and patterns is the first step to making positive changes in your financial life!

When Will Tax Cuts Start?

President Trump is poised to sign the recently passed tax bill, and the first question on many folks’ lips is: when will the tax cuts start? Because the legislation is complex, it’s hard to know exactly when it will effect taxpayers across the U.S. Some of the bill’s impact will begin at the start of 2018, though other elements won’t take effect until 2019 and beyond. For instance, when you file your 2017 taxes in April, you’ll already be getting some benefits like lower tax withholding, but other perks won’t show until you file your tax return in April 2019. Luckily for us, the experts at Fortune magazine have broken it all down quite nicely HERE.