August 2nd-4th is Missouri’s Tax Holiday weekend, and before this
weekend arrives, business’s need to be knowledgeable of where their
retail falls in respects to the tax holiday. Check with local
governments, special circumstances, proper ways of recording and
reporting their sales on this tax holiday weekend. Businesses with an
online presents need to be aware of how online tax free sales apply, and
be sure to let consumers know of online shopping options as well. Tax
holiday weekends are a busy weekend for businesses, but it’s a very nice
boost, and a way to benefit from those purchases that typically would
not be made as frequently.
Consumers this weekend, do not have to be a Missouri resident or student
to take advantage of the tax holiday. State sales tax will not be
applied to products such as school supplies, computers, computer
accessories (monitors and printers), computer software, and clothing. On
the other hand, sales tax will still be applied to accessories like
sunglasses, scarfs, hats, and purses. Even some local governments waived
local taxes may be waived as well to be sure consumers get the most
beneficial savings.
However, tax free does not have to stop after Sunday. There are so many
tax free benefits that taxpayer’s can take advantage of. Section 529
(Qualified Tuition Programs) provides up to $10,000 per beneficiary.
This includes tuition for elementary, secondary, post-secondary trade
and vocational schools, 4-year colleges, and postgraduate programs.
Post-secondary, §529 can be used to pay for tuition, room and board
(with limitations), books, supplies, fees, computers (including
accessories software), internet access and related services.
No dependents for a §529? No problem! There are still many tax free
options, such as 401(k)/403(b), Traditional IRA/Roth IRA, Health Savings
Account (HSA), 1031 Exchanges, Charitable Donations/Gifting, and much
more! Check with your financial advisor to see how tax free options can
be beneficial for you and your taxes.
