Recent Family News
Save money by shopping tax-freeWith the new school year quickly approaching, many families have started shopping to get their kids the supplies, clothing and shoes they need for another academic year.
A recent survey by the National Retail Federation (NRF) revealed that American families expect to spend nearly $250 on clothing and $130 on shoes for their school-aged children this back-to-school season.
While many cost-conscious parents will shop at consignment stores to purchase used kids clothing this year, some are searching for other ways to stay on budget while still ensuring their little ones have everything they need.
According to tax and accounting firm CCH, nearly 20 U.S. states have announced sales tax holidays in which individuals can purchase clothing, shoes and other necessities without paying state sales tax.
"Consumers should be aware of specific information regarding the items that qualify for the holiday, in order to get the greatest tax savings," said CCH senior state tax analyst Carol Kokinis-Graves. "Generally, there are a number of restrictions that apply. State departments of revenue often provide administrative guidance that lists, with great detail, the items that are eligible for purchase on an exempt basis during the holiday and items that do not qualify."
Individuals looking for information on sales tax holidays near them should check their state's revenue department website for details.