We’re heading into the back to school season which means sales tax holidays are just around the corner if they haven’t already started. Many states offer a sales tax holiday for back to school items during the first week of August. On the surface, these tax holidays (4 to 9% discount) sound great for both consumers and businesses. But, after careful analysis, the benefits may be somewhat temporary and not very good for the economy. Read More.
About four weeks ago, the 4% New York State sales tax for clothing & footwear items priced below $110 was reinstated. Yeah, that’s right shoppers. If you purchase a pair of jeans now for $85 in say New York City, you will have to pay $85+(4%+.375% metro tax) or $85+$3.71 for a total of $88.71. Previously this year there was no sales tax for this type of purchase. Now that we are entering the holiday season, it is important for both consumers in the New York State area and clothing/footwear merchants to understand this change. Read More.
Despite desperate calls from small business advocacy groups to implement fiscal policies that spur economic growth, California maintains the highest state sales tax rate in the country. A whopping 8.25%. To refresh your memory, California recently (4/1/09) increased the state sales tax by 1% to compensate for the massive budget crisis. The good news is that the 1% “temporary” increase is set to expire on June 30, 2011. But, with all of these sales tax changes, how should small businesses prepare their books? Read More.
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