Saturday, August 7, 2010

The State Giveth - State Tax Free Shopping Days

Have you noticed that we pay taxes on pretty much everything?  The  money we make, the clothes we buy, the food we eat?

If you live in or will be visiting Illinois from August 6 - August 15, 2010, the state is giving you a boon!  The Illinois Sales Tax of 5% will be waived on certain items under $100.  Local taxes (i.e. city and county taxes will be still be in effect). 

The state tax holiday is just in time for back to school shopping but anyone can take advantage of it.  Just check out the list of qualifying items.  If you were to purchase a $99 suit on August 5th in Chicago (current tax rate 9.75%), your total cost would be $108.65.  Buy that same suit on August 6th, your cost would be $103.70 (a $4.95 savings).  While five dollars may not seem a lot, remember each qualifying item has to be under $100.  So if you're doing quite a bit of shopping this can be a big savings.  Many stores are offering "Tax Free" Sales and online shopping is included!

I found through a quick search that several states will have Tax Free Weekends or may have had them in the past.   Check on your state's revenue site to see if you can benefit from this tax savings.  Of course if you live in Oregon, Delaware, Minnesota or parts of New York, you get this savings all the time!

Happy Shopping