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August 9, 2016

Sonya Daniels Discusses Why Sales Tax Holidays May Be Going Away

Sonya Daniels, Manager at CBIZ MHM Memphis, was featured in a recent article published by AccountingToday about the discussion of sales tax holidays.

When Massachusetts decided to cancel its sales tax holiday this year, many began to believe this will become a trend in the upcoming years.

Daniels explains that a state depends heavily on sales taxes for revenue, and canceling the sales tax holiday is a way to counter budget deficits.

For 2016, 17 states are offering sales tax holidays, including Tennessee. “From the end of July through early September, what they’re running basically is back-to-school,” said Daniels.

Many, like Daniels, wonder how many states will continue with the tax free holidays. “A lot of states are talking about the loss of revenues during that time,” she said. With the ability for consumers to also get the tax exemption online, there’s an even greater loss for the states.

But there is a helpful hint for those trying to navigate the waters. There are often good sales leading up to the tax holidays, and Daniels urges you to keep your eye in the paper during that time.

For questions about sales tax, contact Sonya Daniels at sdaniels@cbiz.com or 901-685-5575.

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