Tax Tip of the Week | No. 366 | Sales Tax "Holiday" Returns Aug 5 - 7

Tax Tip of the Week | August 3, 2016 | No. 366 | Sales Tax "Holiday" Returns Aug 5 - 7

Ohio’s sales tax “holiday” isn’t an annual event – yet – but it might be time to institute a celebratory cookout or decorative pole.The promotion will be held for the second time from Friday, Aug. 5 through Sunday, Aug. 7, 2016. As in 2015, the bill's tax exemption applies to items of clothing up to $75 each and school supplies and instructional materials up to $20 each. It covers all retailers that sell these goods to Ohio residents, including online merchants. Items used in a trade or business, are not exempt.The promotion is proving popular among lawmakers and some retailers, though others aren’t convinced.The Ohio Department of Taxation has published a list of all eligible items and FAQs.Please celebrate responsibly.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.