There are certain things it can be very important for consumers to pay attention to when it comes to sales taxes. This includes what sales tax holidays they might be able to take advantage of.
Such holidays are periods when certain products normally subject to a sales tax are exempt from this tax. This year, there are 16 states that have sales tax holidays. Ohio is among these states. Ohio’s sales tax holiday for this year is just around the corner. It will be happening August 4-6.
What products will be sales-tax-exempt during Ohio’s sales tax holiday? Certain clothing and school supplies. Clothing and qualifying school items are exempt from the state sales tax over the holiday if they fall into certain value levels. These levels are:
- $75 or less for a clothing item.
- $20 or less for a qualifying school-related item.
As this illustrates, there can be many specifics to a given sales tax holiday. Staying knowledgeable of the specifics of tax holidays that are occurring in their state can help a consumer with being aware of what opportunities to save money in their shopping may be available.
Sales tax issues are also important things for businesses here in Ohio to pay close attention to. As there are many specifics to sales tax holidays, there are many specifics on what businesses in the state are required to do regarding sales taxes, both during regular and “holiday” periods. Being accused of violating such requirements could expose a business to investigations and potential penalties.
Skilled tax lawyers can help Ohio businesses with questions they have regarding sales tax issues. Such attorneys can also advise such a company on its options when it discovers that it is going to be audited in connection to whether or not it did what it was supposed to when it comes to state sales taxes.
Sources: The Delphos Herald, “Ohio sales tax holiday returns for third year, Aug. 4-6,” July 16, 2017
9news, “16 states with sales tax holidays in 2017,” Jana Lynn French, July 22, 2017