Crayons, markers, notebooks, and electronics are starting to crowd the shelves in every Tri-State store. So you know that that means: it’s back-to-school season and it’s time to get everything your student needs for the school year!
The cost of raising a child is about $12,350-$13,900 annually according to the U.S. Department of Agriculture. A portion of this is education costs that you’ll spend during your search for the latest back-to-school gear. This year, the average American will spend about $688 for school supplies. And if you’re like many parents you probably haven’t started shopping yet. But if you’ve been a shopping procrastinator up until this point, it might actually pay off for you.
For the third straight year, Ohio is having a “sales tax holiday.” This means that from Friday, August 4th through Sunday, August 6th, if you shop in Ohio you won’t have to pay any state or local sales tax on the following items:
- Clothing priced at $75 per item or less
- School supplies priced at $20 per item or less
- School instructional material priced at $20 per item or less
Ohio is just one of 16 states offering a sales tax holiday this year. Neither Kentucky nor Indiana are participating, but if you live in either of these states, you can still take part by shopping at Ohio stores.
The Simply Money Point
Think of this as a back-to-school gift from the state of Ohio! Consider: total sales tax among all our Tri-State counties ranges between 6% and 7.25%. So depending on where you live, if you spend the average of $688 on your supplies, you could save your family anywhere between $41 and $49 in sales tax by shopping in Ohio during this sales tax break. And how often do you get a break from paying taxes?
For more information, please visit the Ohio Department of Taxation’s website.