Life moves quickly. It’s easy to get distracted. But that can be costly.
Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.
Enter our “Money Calendar” series.
In this edition, we’ve rounded up the noteworthy money dates in August 2022. Take a look and mark your calendar with any dates that apply to you.
Various dates — 13 back-to-school sales tax holidays
Many states have back-to-school sales tax holidays this August, including:
- Arkansas: Aug. 6-7
- Florida: Through Aug. 7
- Illinois: Aug. 5-14
- Iowa: Aug. 5-6
- Maryland: Aug.14-20
- Missouri: Aug. 5-7
- New Mexico: Aug. 5-7
- Ohio: Aug. 5-7
- Oklahoma: Aug. 5-7
- South Carolina: Aug. 5-7
- Texas: Aug. 5-7
- Virginia: Aug. 5-7
- West Virginia: Aug 5-8
These time windows give residents an opportunity to buy items like clothes, school and office supplies and sometimes personal computers without being charged state sales tax.
Aug. 1-31 — Tennessee’s grocery sales tax holiday
Tennesseans will not be charged sales tax on most foods and food ingredients during this new sales tax suspension.
The few exceptions include prepared food, dietary supplements, candy and alcohol. To learn more, visit the Tennessee Department of Revenue’s webpage about the holiday.
Aug. 13-14 — Massachusetts’ massive sales tax holiday
Massachusetts hosts the best sales tax holiday of the month if not the entire year. During this time window, just about any type of tangible property costing less than $2,500 is exempt from sales tax.
According to the Massachusetts Department of Revenue’s FAQs about the generically named “Sales Tax Holiday,” the only things that don’t qualify for the exemption are:
- Motor vehicles
- Telecommunications services
- Tobacco products
- Marijuana or marijuana products
- Alcoholic beverages
- Any single item whose price is more than $2,500 (or more than $175 in the case of clothing items)
Even if you buy more than $2,500 worth of stuff, it could all be sales tax-free. The FAQs explain:
“As long as the price of each individual item is $2,500 or less, you can purchase as many items as you want together, tax-free, even if all the items added together cost more than $2,500.”
Aug. 26-28 — Mississippi’s Second Amendment sales tax holiday
During the annual Mississippi Second Amendment Weekend, firearms, ammunition and certain hunting supplies are exempt from sales tax.
For more information, including a list of eligible and non-eligible items, check out the Mississippi Department of Revenue’s guide to this sales tax holiday.
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