How to save even more this sales tax holiday

Looking to save a few dollars here and there?  The 2012 Louisiana sales tax holiday may be able to assist.  The sales tax holiday will be held on Friday, August 3 and Saturday, August 4.  Save on items such as computers, clothing, furnishings and other individual items.  While certain personal items are eligible, items such as vehicles and meals for consumption do not qualify.

(For other state sales tax holidays, click here)

What’s what

The Louisiana sales tax is exempt for the first $2,500 of each individual qualified purchase.  But, before you grab your checkbook, know the exemption only applies to the Louisiana state sales tax of 4% and does not include taxes imposed by local parishes, municipalities and/or school boards.

According to the Department of Revenue, shoppers are expected to save about $3.63 million this year on qualified purchases.  The holiday was first implemented in 2007 and has continued ever since.

No money, no problem

The sales tax holiday applies to purchases made during August 3 and August 4, and also applies to qualified purchases placed on layaway.  Both items set aside for layaways and ready for pick up qualify for the sales tax exemption.

Plan ahead

In order to get the most of the sales tax holiday, consider planning ahead to save even more.  Begin to start seeking out prices of items intended for purchase.  Be aware, some vendors may increase prices during the holiday and a “good deal” may not really be so “good.”  Taking the time out now may save you money in the long run.

Purchases may be tax deductible

Did you know purchases made this tax weekend may also be eligible for income tax deductions on your personal Louisiana state income tax return?  Items such as uniforms, school supplies, and other instructional materials required by the school may be deductible.  The Department of Revenue encourages consumers to keep receipts to be able to document these expenses when tax time arrives.  For more information, visit the Louisiana School Tuition and & Expense Deduction link.

Double up on your savings

Save more with coupons.  Shopsavvy.com and Couponcabin.com are great sites to find more great savings and the lowest cost.  Utilizing coupons can help you save even more.  In addition, seek out stores providing additional savings during the sales tax holidays.  Many merchants will also waive local sales tax or offer discounts to draw consumers to their stores.

Remember, Your Choice, Your Future.

Kemberley Washington is a certified public accountant and a business professor at Dillard University.  Follow her on Twitter or subscribe to her blog kembeley.com.

 

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