Happy Valentine's Day! This Feb. 14, the hubby and I are snuggling, but today it's mainly to keep warm. Like much of North America, we're dealing with a serious arctic blast. I hope you and your sweetie are having a good Valentine's Day. And I hope you got exactly what you wanted from your love. In many cases, it might be something simple or homemade. Not surprisingly, the COVID-19 pandemic and its lingering financial ramifications mean that spending on Valentine's Day gifts this year has dropped. Those celebrating plan to spend an average $164.76, down $32 on average per person,... Read more →
Sales tax
August is the month that brings us the sunsetting of summer. But amid the season's waning days, find some time to take care of some tax tasks. (Photo by Kay Bell) It’s August. Already! How did this final summer month sneak up on us, or at least on me? Maybe it was all the other distractions. The presidential campaign has been unusual, to say the least. The Paris Olympics kicked off with a controversial opening ceremony (I loved it!), and still have more than a week to go. Then there’s the unrelenting heat wave across the United States. And, of... Read more →
Photo by Clay Banks on Unsplash Nebraskans frustrated by their state’s inability to come up with property tax relief plan turned to a broader tax overhaul, the EPIC plan. EPIC stands for Eliminate all Property, Income and Corporate taxes. The measure would have constitutionally prohibited the legislature from imposing any tax except for a state-administered sales tax. EPIC was first introduced in the Nebraska legislature in 2023, but never made it out of committee. That’s when the plan to take it directly to the state’s voters was born. But that’s not going to happen either. Epic ballot initiative fail: “The... Read more →
That will leave a dozen states still taxing at least some food bought by grocery shoppers. My favorite section of my local H-E-B grocery. (Photo by Kay Bell) When you loaded up your grocery cart for your July 4th spread, you probably weren’t thinking about taxes. That’s because most of us live in states that, for the most part, don’t tax food. That’s not the case in 13 states. Those jurisdictions do tack a few percentage points of sales tax on most foodstuffs. But one of those states will join the no-grocery-tax ranks later this summer. In late August, Oklahoma’s... Read more →
Photo by Rene Bernal on Unsplash Happy Independence Day, America! Or as we call it at our house, the July 3 Until Whenever Our Neighbors' Fireworks Stash Is Fully Exploded holiday. Yep, residents of our suburban enclave started celebrating last night. It's an annual dress rehearsal for the full array of pyrotechnics today. And it continues for days. I’m sure the hubby and I are not alone. In 49 states and the District of Columbia, private display of certain types of fireworks are legal. Which jurisdiction is the outlier? Massachusetts is the only U.S. state where it is illegal to... Read more →
Update Aug. 6, 2024: Classes have resumed in some school districts. Others will open their doors to students soon. And most across the United States will be in session by the end of this month. So, it's no surprise that parents are shopping for supplies, especially in states holding back-to-school sales tax holidays. Two that started in July, in Florida and Ohio, are wrapping up into this month. And three others, in starting date order, begin this weekend: Texas from Friday, Aug. 9, though Sunday, Aug. 11; Massachusetts from Saturday, Aug. 10, through Sunday, Aug. 11; and Maryland, from Sunday,... Read more →
Unsplash+ in collaboration with Olivie Strauss Hello, July! We are soooo ready for this first full month of official summer. This first week of July will be a short one for many of us. We’ll be taking advantage of July 4 falling on Thursday, making it an extra-long Independence Day holiday weekend. But once the fireworks are over, it’s back to the regular grind where we never are independent of taxes. That’s why we also need to also make some time in July for tax moves. Here are five to consider. 1. Get ready for disastrous weather. Even though I’m... Read more →
Florida residents are getting some tax breaks on items to help them prepare for the 2024 Atlantic hurricane season, which started this week and forecast to be the most active ever. The Sunshine State’s first of two disaster preparedness sales tax holidays began on June 1, the official start of the annual hurricane season. It runs through Friday, June 14. Florida’s second emergency preparation sales tax event will be Aug. 24 through Sept. 6, aligning with the time of year when the tropical season tends to increase. Long history of strong storms: Florida individuals and businesses don’t need a reminder... Read more →
Texas Severe Storms Association photo It’s spring here in Texas, which means storm season. We’ve already seen some recent storms drop large hail across the Lone Star State. Plus, residents along Texas’ 367 miles of Gulf of Mexico shoreline have got to be a bit on edge with forecasters’ already warning of a hyperactive 2024 hurricane season, which officially starts on June 1. Storm analysts at the University of Pennsylvania say we could see 33 named tropical storms this year. So the timing of Texas’ annual emergency preparation supplies sales tax holiday couldn’t be better. Weekend sales tax savings: Texas'... Read more →
The Internal Revenue Service IRS is expected to process more than 160 million individual and business tax returns this filing season. Through March 15, the IRS had received nearly 71.6 million individual returns. Some taxpayers probably put off filing in the hopes that the Tax Relief for American Families and Workers Act would be enacted by Tax Day. Several of its provisions could help both personal and business filers. Whether that will happen is still unclear, as the tax bill that cleared the House has hit a lot of speed bumps in the Senate. Other taxpayers, however, aren't that concerned... Read more →
Most states hold sales tax holidays in late summer, pegging he events to the resumption of the school year. But there are a few tax holiday over-achievers. They supplement their back-to-school tax-free events with additional sales tax savings. The standard bearer of late has been Florida. The Sunshine State in 2022 and 2023 enacted a variety of tax holidays, some of which extended into this year. Florida also kicked off 2024 with a semester break back-to-school tax holiday in January. Other states' special shopping events will include no taxes on emergency supplies, energy efficient products, food, and even firearm-related purchases.... Read more →
It's the last weekend of 2023, and you're busy planning how you will ring in 2024 on Sunday night. Unless you live in Florida. Oh, Sunshine State residents will party on New Year's Eve, too. But many also are making back-to-school shopping lists. That's because Monday, Jan. 1, 2024, is the start of yet another Florida sales tax holiday. This two-week event waives the sales tax, both state and local option add-ons, that's usually collected on what state officials have deemed school supplies. Among the items that will be tax free during the Monday, Jan. 1, 2024 through Sunday, Jan.... Read more →
Shopping with your true love can be fun, but you'll probably have to make a separate, solo trip so you can surprise your partner. And if you want to buy any or all of the true love gifts in "The 12 Days of Christmas" carol, you also will want to make sure you have lots of cash or a large credit card limit. (Photo via Unsplash+ in collaboration with Getty Images) Even though inflation has slowed this year, Americans are still grumbling about prices. But it hasn't slowed holiday shopping. More than 200 million people went in search of perfect... Read more →
My H-E-B helps me keep track of store purchases that might be eligible for FSA reimbursement. (Crumpled receipt photo by Kay Bell) After today's weekly grocery buying trip, I'm pulling out my stash of COVID-19 pandemic masks. Yes, I bought a lot. A whole lot! As before, the facial protection is to shield me from the sneezes and coughs of many of my uncovered fellow H-E-B shoppers. This time, though, I'm hoping the upper respiratory cacophony is due to the changing weather, dust stirred up by the firing up of furnaces, and, here in Central Texas, cedar fever. But you... Read more →
If you stopped at a Georgia gas station today to top off your tank, you might have encountered a line. Peach State motorists will see fuel prices increase tomorrow, Nov. 30, as the governor's emergency suspension of the state fuel excise taxes expires. So you couldn't blame them for trying to get one last bargain at the pump. Gov. Brian Kemp's decree, first issued in September and then extended in October through most of this month, saved drivers of gasoline-powered vehicles 31.2 cents per gallon. Drivers of auto that use diesel saved 35 cents per gallon. In addition to the... Read more →
Today is Small Business Saturday, a charge card marketing initiative that has become an accepted nationwide effort to celebrate small, independent retail operations. It's also an official tax holiday in the Land of Enchantment. New Mexico's Small Business Gross Receipts Tax Holiday falls each year on the Saturday after Thanksgiving. The tax holiday began at 12:01 a.m. today and ends at midnight tonight. For this one day, the state allows a gross receipts tax break on sales of qualifying items at certain small businesses. For the eligible companies, New Mexico provides a deduction from gross receipts for retail sales of... Read more →
Photo by Kay Bell Do you have your candy for Halloween's trick-or-treaters? Or are you going to have to make another grocery store run to replace the sweets that someone somehow munched early? No judging here. Been there, done that. This week. 😊 And we surreptitious candy snatchers are not alone. Halloween and all its accoutrements, edible and otherwise, is incredibly popular in the United States. This year is expected to be record-setting. Spooky expenses: Total spending for Halloween 2023 is expected to reach a record $12.2 billion, exceeding last year's record of $10.6 billion, according to the National Retail... Read more →
The bridge connecting El Paso, Texas, and Juárez, Mexico, is one of several international exchange points expecting increased traffic this weekend as Mexican shoppers visit to take advantage of Lone Star State tax holiday savings. (Photo by Nils Huenerfuerst on Unsplash) The final five summer sales tax holidays are upon us, with Texas kicking things off this weekend. And it's going to be an international affair. U.S. Customs and Border Protection (CBP) officials expect a higher volume of crossings into the Lone Star State starting tomorrow, Friday, Aug. 11. That's the first day of Texas' three-day back-to-school tax holiday. If... Read more →
Unsplash+ in collaboration with Getty Images Shoppers in 14 states are taking advantage of sales tax holidays in August. Tennessee's back-to-school tax-free event was in late July. But Volunteer State shoppers have another way to escape sales taxes this month. And in September. And in October, too. Tennessee's new Grocery Tax Holiday began at 12:01 a.m. on Aug. 1. Food and food ingredients are exempt from sales tax until 11:59 p.m. Oct. 31. During the three-month grocery tax holiday, shoppers won't have to pay the state's 6.75 percent state and local option sales tax on food and food ingredients. The... Read more →
Photo by Saulius Sutkus on Unsplash August has arrived, reminding us that summer is almost over. There are just a few weeks left to take a final vacation during these sweltering dog days. But before you head out to a beach retreat or a cooler mountain cabin, take a few minutes for taxes. This month is a good time to make some tax moves that could save you some (or more) dollars and/or keep you out of tax trouble. Here are five to consider. 1. File your 2022 return by Aug. 15. OK, this applies only to a few, relatively... Read more →
Get ready Arkansas, Connecticut, Iowa, Maryland, Massachusetts, Missouri, New Jersey, New Mexico, Ohio, Oklahoma, South Carolina, Texas, and West Virginia shoppers. Your back-to-school tax holidays are coming up in August. And yes, Floridians, your event wraps up this week. Many school supplies, like these at my local grocery store, will be sales-tax-free in Texas later this summer. (Photo by Kay Bell) With August just one day away, it's definitely time for parents and youngsters alike to get ready for the reopening of classrooms. Yes, those two groups likely will celebrate (or not) differently. But there's one thing they can share,... Read more →