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2023 in review: The year in sales tax

TaxConnex

Last summer, for instance, Puerto Rico gave a break on school uniforms and supplies; Alabama cut shoppers tax slack on school supplies, clothing and computers. In Florida, Mississippi and Tennessee, breaks depended on price limits of items. This year, multiple states introduced new sales tax exemptions, too.

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Some States Are Considering Shelving the Grocery Tax

CPA Practice

Grocery taxes that remain are “there for a reason. They’re needed as part of the revenue system, or because [elected officials] would rather cut other taxes,” such as the income tax, Auxier said. Tennessee, which dropped its grocery sales tax from 5% to 4% in 2017, lifted the tax for a month last August.

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QSBS Exemption Explained: What Investors and C-Corp Executives Should Know

inDinero Accounting

However, after considering those that are explicitly excluded, there are quite a few that remain: Manufacturing Technology Research and development Software Retail Transportation Educational services Telecommunications If you’re unsure if your business is eligible, it’s worth checking with an indinero business tax services expert.