Shop Wisely When Taking Advantage of Back to School 'Tax Holiday'

CHICAGO, Aug. 6 /PRNewswire-USNewswire/ -- If you're taking advantage of the Tax Holiday – in Illinois through August 15 – and all the sales and specials being offered by retailers, be careful not to get too caught up in the Back to School shopping frenzy. The Illinois CPA Society suggests keeping in mind some basic shopping guidelines so you don't overspend:

Map out your trip.  Have a list and a game plan. Know where you're going and when. Don't shop when you or your children are tired or in a rush. You might not make the best choices in a hurry. Also, contact the school if you don't already have a school supply list for your student.

Stick to a budget. Have an idea of how much you'll need to spend per child for school supplies and clothing.  Don't give in to an impulse purchase or a great bargain that's not really needed.  And see if you can talk your children out of high-priced or trendy designer labels.

Compare prices and offers.  Just as you would do when you make major purchases, check online and in local papers for coupons and special discounts. Some stores are now offering promotions on Facebook and Twitter. Be aware of reward programs and use manufacturers' coupons you might have on hand.

Shop around.  Don't be tempted to take your list to one store to get all your shopping done there. If time allows, and the distance between stores isn't too far, group your purchases and buy items where you find the lowest prices.

Know a bargain when you see one.   Retailers are vying for your attention so make sure a deal is really a deal. A "Buy One Get One" offer might not be worth if you don't need two and the individual price is higher than you'd find elsewhere. Also do the math on items at 20, 30 or 40 percent off; is the original price high? And be careful with the incredible deals to get you in the door. It's fine to buy 10 cent folders, but avoid the overpriced backpack.

Double check the items included in the State Sales Tax Holiday. Not everything your student might need is covered under the Sales Tax Holiday guidelines. Visit the Illinois Department of Revenue Site (or the site for your state) – www.revenue.state.il.us/SalesTaxHoliday.htm – for more details and a complete list of eligible items.  Also remember this is only a State Sales Tax Holiday and local taxes may still apply to your purchases.

To get more consumer tips to help improve your attitude and outlook about handling your money, follow the Illinois CPA Society on Twitter @thriftitude.

About the Illinois CPA Society
The Illinois CPA Society, founded in 1903, is the fifth largest state CPA Society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.

SOURCE Illinois CPA Society