Every week I try to bring to light an important topic to business owners, especially when it can save you or your small business money. This week, I want to make sure everyone knows about and takes advantage of this year’s back-to-school tax free “holiday.”
This “holiday” rolls around once a year in dozens of states around the country and although it’s meant to save shoppers on non-commercial home or personal use products, anyone can take advantage of it. In Florida, the holiday started this past Friday and will last through 11:59 p.m. on Sunday, August 16th. So what does this mean to your wallet?
Shoppers can take advantage of purchasing certain items without paying Florida’s 6 percent sales tax or any local tax as well. The State Legislature extended the holiday from 3 to 10 days (the longest period ever) in the hopes of saving people money. Here are some of the items you can save on:
- CLOTHING, FOOTWEAR AND ACCESSORIES – These items must cost $100 or less per item. If an individual item goes over that amount, it will not be exempt.
- PERSONAL COMPUTERS AND ACCESSORIES – PC’s and computer accessories won’t be taxed up to the first $750 of the sales price. The key is the items must be used for non-commercial home or personal use. Note that rentals, leases or computer repairs don’t count and will be taxed.
- SCHOOL SUPPLIES – Certain school supplies selling for $15 or less per item are tax deductible.
There is plenty of information out about what’s exempt and what isn’t. For more details e-mail me, give me a call or feel free to reach out to one of my Brigade Bookkeeping team members. You can also visit www.myflorida.com/dor for answers from the Florida Department of Revenue.
I hope you get to take advantage of this year’s Back-to-School sales tax holiday. You know what they say, “a dollar saved is a dollar earned.” Here’s to earning more dollars!
