Save Taxes on Back-to-School Supplies…

Written by Jordan Reback, MBA, Tax Supervising Senior

The month of August has just arrived, and many are already thinking about school supplies for their children as they prepare to return next month. School supplies have increased by 28% compared to last year, and parents are concerned about the rising costs for the 2023-24 academic year.

States like New Jersey, Connecticut, Massachusetts, Florida, and others are implementing sales tax holidays for school supplies. New Jersey’s sales tax holiday will commence on August 26th and conclude on September 4th. During this window, sales tax will not be charged on school supplies such as art materials, computer supplies, instructional materials, and computers priced at less than $3,000.

Additionally, Connecticut, Massachusetts, and Florida are extending the sales tax holiday to include back-to-school clothing and certain accessories.

Please note that the holiday does not fall on the same date for every state, so it is essential to contact your accountant to determine which items are exempt from sales tax and if your state is eligible for the holiday.

You can learn more on the NJ Treasury website.

Wishing you all a wonderful summer!