And help parents with back-to-school
The upcoming sales tax holiday will be a big help to small businesses still struggling to recover from the economic recession, says Gregg Thompson, state director of the National Federation of Independent Business, (NFIB)North Carolina’s leading small-business association.
The holiday is Aug. 5-7.
“Our country may be two years into the economic recovery, but small-business owners are still worried, especially when it comes to consumer spending,” Thompson said. Weak sales continues to rank as the No. 1 challenge facing the nation’s small businesses, according to NFIB’s Small Business Economic Trends Report for July.
“The sales-tax holiday is really going to make a difference, because it’s going to help families stretch a dollar,” Thompson said. “This is going to put people in the mood to spend, and we’re hoping they’ll use this opportunity to support the local economy and shop at small businesses,” he said.
“Small business is what drives our economy,” Thompson said. According to the U.S. Small Business Administration, small businesses account for 98 percent of all employers in the state and employ almost half of the state’s private-sector workforce.
“The bottom line is that the more we can encourage people to spend and to shop at small businesses, the more jobs we can save and create, and the faster our economy will get back on track,” Thompson said.
NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small- and independent-business owners a voice in shaping the public policy issues that affect their business. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses.
More information about NFIB is available online at www.NFIB.com/newsroom.
What Counts on Tax Free Weekend
The tax free weekend for general merchandise purchased in North Carolina is scheduled for Aug. 5-7, and applies to the following items:
• Clothing, footwear, and school supplies under $100
• Sports and recreation equipment under $50
• Computers under $3,500
• Computer equipment under $250
Smart Shopping Strategies
The best way to save even more more during tax free weekend is to use good common sense. For example, make sure that you compare prices at several different stores, whether online or in person, and use coupons when you can.
In addition, don’t buy anything you don't need just because of the tax free weekend. After all, the sales tax rate in North Carolina is 5.75%, so that amount - plus any local sales tax, if applicable - is what you'd be saving during the sales tax holiday. In reality, you may find that you’re able to save more money during the week before or the week after the sales tax holiday, so don’t confine yourself to doing all of your back-to-school shopping during North Carolina’s tax free weekend event.