Today marks the first day of this year’s Sales Tax Holiday! That’s right! From Aug. 5 – 7 get out and enjoy the savings for items such as clothing, footwear and school supplies. The exemption applies to each eligible item that sells for less than $100, regardless of how many items are sold on the same invoice to a customer. For example, an $80 shirt will sell for $80. No tax! But, if you buy a $110 shirt, sorry, it’s taxed for the full amount. Key in point, only buy items under $100! Shoppers save about $8 on every $100 they spend. Hey, money is money!
We can’t get too carried away though. Tax is not waived for the sales of accessories, including jewelry, handbags, purses, briefcases, luggage, umbrellas, wallets, watches and similar items. Oh darn, I know!
The Legislature sets the dates for the sales tax holiday each year. Thank you government! Oh, and if you have any questions just read the fine print. I don’t pretend to know all of the rules. I just like tax savings where I can get it!