You have about 2 ½ weeks to get an Illinois Tax Credit for 2020. ACT NOW!
Last month’s tax-wise suggestion was “Investing in Kids” which provides a 75% Illinois state income tax credit. Donate by December 31st to lock in a credit for this tax year by going to www.mytax.illinois.gov.
For example, you could donate $1,000 to St Theresa School – Palatine and get $750 back in the form of a tax credit when you file your 2020 Illinois tax return (assuming you are subject to state income taxes*). Therefore, your net out-of-pocket for this donation is $250.
INVESTING IN KIDS IN THREE EASY STEPS
The 3 easy steps are illustrated fully at www.archchicago.org/tcs
- Log into or set up** an account at www.mytax.illinois.gov
- Donate to “Empower Illinois” – the Scholarship Granting Organization (SGO) with whom St. Theresa School partners
- Designate your donation to St Theresa School (Palatine)
If you have any questions, please feel free to contact Tom Galvan 847-358-7760 or Deacon Greg Vogt at 312-534-8236. Or log into www.archchicago.org/tcs for detailed instructions.
* As with all tax related matters, you should consult your financial advisor and/or tax preparer when considering this donation.
** Setting up a new account requires a “Letter ID” which may take 5 to 10 days to receive.
