Before you wander the aisles of your favorite department store to stock up on the new shoes and clothes your kids need to go back to school, first find out what deals your state (or one near you) is offering. There may be ways for you to save.
To ease the financial burden of filling up new backpacks, some states temporarily waive taxes on electronics and school supplies, as well as clothing and shoes. Most of these holidays are weekends – or even weeks – in July and August. In a handful of states, local sales taxes still apply.
Back-to-school shopping is big money. Market research firm eMarketer forecasts sales during July and August will rise 4% to set a new record this year. So shaving off sales taxes – which can reach 11% in the states that offer holidays – can spell big savings for shoppers.
Missouri, Aug. 4-6: Clothing (excluding accessories) that costs $100 or less per item; school supplies costing $50 or less per item; and computers costing $1,500 or less. Missouri localities may still levy their local sales taxes, which average just under 4%. A detailed list of what rate is in effect for each location is available here.