tax news — December 09, 2014

Best Bets for Holiday Shopping

by Bob Williams

Christmas Shopping

The Christmas shopping season has hit full-force. Even if you didn’t get out on Black Friday, there are plenty of deals still out there, to be sure. And speaking of deals, are you hoping to get a deal when it comes to paying sales tax on your holiday purchases?

Best of the Best

Accounting giant Wolters Kluwer CCH has assembled a list of states with the lowest sales taxes for your holiday shopping. Colorado easily leads that list, with a rate of just 2.9 percent. The rest of the pack is clustered around the 4 percent mark: Alabama, Georgia, Hawaii, Louisiana, New York, South Dakota, Wyoming, Missouri and Virginia.

A Bigger Bite

On the upper end, sales tax tops out between 6.5 percent and 7.5 percent. The highest states include: California, Indiana, Mississippi, New Jersey, Rhode Island, Tennessee, Minnesota, Nevada, Arkansas and Washington. The rest of the states fall somewhere in between, and five have no state sales tax at all.

Happy shopping!

Thanks to Wolters Kluwer CCH and Accounting Today.

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