[CITY] Real Estate News

Save this season with the State of Illinois first-ever sales tax holiday!

During the holiday, the 5 percent state portion of sales taxes collected at retail registers will be waived; while local government sales tax will continue to be applied.

I want to let you know about an upcoming opportunity to take advantage of a discount. The State of Illinois has instituted a “sales tax holiday” on certain clothing and school supplies from this Friday, August 6, through Sunday, August 15. Retailers across Illinois will reduce the state sales tax on qualifying items by 5 percent during this 10-day period. Local sales taxes will still apply.

The following links include information about the sales tax holiday and a detailed list of what is covered and what is not covered during the sales tax reduction period. Many clothing items with a retail price of less than $100 and most school supplies are covered.

Illinois Department of Revenue fact sheet: http://www.revenue.state.il.us/Publications/Bulletins/2010/FY-2010-17.pdf

Detailed list of qualifying and non-qualifying items: http://www.revenue.state.il.us/SalesTaxHolidayList.pdf

Don't Leave Tax Credits On The Table (And How To Get Them Back If You Already Filed)

Taxes are due April 15 and if you're among the millions of Americans who wait until the last week to file, here's a video interview that could help you reduce your federal tax liability. 

Originally broadcast by NBC's The Today Show, the 4-minute piece reviews various tax credits and deductions, plus some recent tax law changes.  A few of the topics covered include:

• Tax filers receiving larger "personal exemptions" in 2009 versus 2008
• Unemployment income recipients being required pay taxes beyond the first $2,400 received
• The "first time" home buyer credit being extended to non-first time home buyers for up to $6,500

The interview also talks about how taking a parent, child or other family member into your home may change your tax filing status and reduce your tax liability.

Even if you've filed your taxes already, watch the video above. You may find that you missed a potential deduction. If that's the case, consider filing an amended return with the IRS to recapture the credits you left on the table.  Most times, the benefits of re-filing will outweigh the costs of doing it.

Be sure to talk with your tax professional for personal tax advice.