- Days left

The state tax holiday idea is spreading as the economic turmoil saps the income of middle-class Americans. The idea is that a state picks a day or more on which it waives state sales tax on purchases of selected types of goods. Some states use it as a carrot to encourage purchases of more environmentally friendly goods, such as Vermont's tax holiday for the purchase of Energy Star appliances. Many times the holiday is timed so that parents shopping for back-to-school clothes and electronics can save a few bucks. Georgia waives taxes on a computer purchases made on the first few days of August, while North Carolina extends the break to clothes, sports equipment, and school supplies.

At present, over a dozen states have some form of tax holiday. Smart Money has compiled an excellent list of states, dates, and what the tax break covers. Most of the holidays occur in the very near future, so make your plans today.

A caveat: while these states waive their sales tax, local taxes are not necessarily included. Smart Money makes a particularly clever suggestion for those residing in tax holiday states- any purchases of covered items they make on that date online, even from firms in other states, should also be free of state sales tax. You may, however, have to wrangle with those companies to receive this break, as it falls outside of the normal routine.


Increase your money and finance knowledge from home

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

Understanding Credit Scores

Credit scores matter -- learn how to improve your score.

View Course »

TurboTax Articles

Are You Exempt From Health Care Coverage?

The Affordable Care Act, or Obamacare, is an individual mandate that requires all eligible Americans to have some form of basic health coverage by 2014. Those without insurance will receive a penalty when they file their tax returns ? that is, unless they have an exemption. TurboTax's Exemption Check can help you find out whether or not you qualify for an exemption.

Essential Tax Forms for the Affordable Care Act

The Affordable Care Act (ACA), also referred to as Obamacare, affects how millions of Americans will prepare their taxes in the new year. The law now includes penalties for all who haven?t obtained health insurance -- and those penalties are expected to be paid at tax time. The ACA also provides tax credits to help people pay for insurance, and you can claim those credits when you file your taxes. The Internal Revenue Service (IRS) has introduced a number of tax forms to accommodate the ACA.

Mortgage Refinance Tax Deductions

When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.

How to Determine if You Have Minimum Essential Coverage (MEC)

The Affordable Care Act, also known as Obamacare, requires most Americans to have health insurance that meets a government standard known as "minimum essential coverage," or MEC. Whether your insurance qualifies as MEC depends not on the plan itself, but on how you obtained your coverage.

Rental Property Deductions You Can Take at Tax Time

Rental property often offers larger deductions and tax benefits than most investments. Many of these are overlooked by landlords at tax time. This can make a difference in making a profit or losing money on your real estate venture. If you own a rental property, the IRS allows you to deduct expenses you pay for the upkeep and maintenance of the property, conserving and managing the property, and other expenses deemed necessary and associated with property rental.

Add a Comment

*0 / 3000 Character Maximum