Leading Financial Services, Inc.

08/16/2026

07/31/2026

Illinois has a back to school sales tax holiday that runs August 7-16, 2026. During this period, the state portion of sales tax on eligible items drops from 6.25% to 1.25%, plus any applicable local sales tax. Eligible items include clothing and footwear for general use priced under $125 per item and school supplies used by students in a course of study (no price limit). All relevant tax categories will be taxed at the reduced rate during the holiday period under the relevant threshold.

07/14/2026

IRS has increased the mileage rate effective 07-01-2026. This means when that if you deduct mileage on your tax return you will need to know your miles from 01-01-2026 thru 06-30-2026 separately from your miles for 07-01-2026 thru 12-31-2016.

05/07/2026

Please seek professional assistance with filing these claims as they will be highly scrutinized by the IRS & require a lot of information such as case law, statutes, & mathematical calculations. I’d be happy to help you get your claims filed if you qualify. Please feel free to reach out.

The relief is not automatic or guaranteed, and most taxpayers need to file a claim for a refund or abatement of their tax liability by July 10 to get their money back.