August 2011 Summer Tax-Free Days
Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Not at all! Everyone’s always complaining about sales taxes. So some states offer a brief vacation from sales taxes on certain purchases each summer. Does your state offer one?
17 states offer some sort of holiday – most of them during the month of August. You can find the master list over here: http://www.taxadmin.org/fta/rate/sales_holiday.html
Louisiana has three tax vacations – one before hurricane season, one for back to school, and one for hunting season.
Virginia offers a big break in October on up to $2,500 of Energy Star purchases. Maryland and Texas offer big breaks on Energy Star appliances, also for air conditioning equipment, to get ready for summer. But we missed those opportunities this year. Mark your calendar for next May in Texas and February in Maryland.
On the other hand, the amounts exempt from sales tax in some states (like, Maryland, Mississippi, Texas and Virginia) are sometimes quite minor. For instance, Florida exempts $15 of school supplies and $75 worth of books and clothing. Several states go as high as $100 of exempt merchandise. Hardly worth leaving the house to save $5 – $10. You can save that much by using coupons wisely, all year-round, rather than waiting for the 2-3 days of tax holidays.
You wonder why the states even bother with making their merchants go to all the trouble to do the extra bookkeeping. Talking to one merchant several years ago, he explained that it cost him thousands of dollars to reprogram the cash registers in each of his stores to track the exempt sales. If these holidays were meant to stimulate sales, they weren’t working. The rules are too rigid about which merchandise isn’t taxed and which is.
It’s hard enough for the merchants to track, but think of the poor customers who come up to the cash register expecting to avoid paying sales tax on some school supplies – only to be told they’ve exceeded their $15 allotment. Or they selected the wrong supplies.
Are sales tax holidays a good idea? Or more trouble than they are worth?
You tell us. You have some sales tax holidays coming this month. Try them out in your state and let us know what you think.
Wedding-related Tax Benefits
Common Mistakes the Self-Employed Make
Plan Ahead for Next Year’s Taxes with Green Tax Credits – Part 1
Plan Ahead for Next Year’s Taxes with Green Tax Credits – Part 2
How Divorce Affects Your Tax Return
Sales Tax – Are All Those Receipts Worth Saving?
Eva Rosenberg, EA is the publisher of TaxMama.com , where your tax questions are answered. Eva is the author of several books and ebooks, including the new edition of Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com and tax courses you might enjoy at http://www.cpelink.com/teamtaxmama.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.