Buy Like Buffett: Reduce Your Back to School 2010 Tab with a Sales Tax Holiday

Are you looking for a way to save money this summer? Wouldn't it be great if you didn't have to pay taxes for a few days? Well, you don't have to! You can save a ton of dough by shopping at the right time. The majority of states in the United States have one week a year where they grant local residents amnesty on paying taxes for certain sales transactions.

This day is known as a sales tax holiday. Some states only allow discounts on energy-saving products whereas others offer discounts on everything from school supplies to clothing.

The most popular date for a sales tax holiday is August 6th to the 8th by far. Several states have chosen that date to offer tax amnesty to their residents. Those states include Alabama, Missouri, North Carolina, New Mexico, Oklahoma, South Carolina, Tennessee, and Virginia.

Oklahoma residents can buy clothing tax-free. Tax-free purchases apply to clothing and school supplies in Virginia. Alabama residents can save on school supplies, computers, books, and clothing purchases. Missouri, New Mexico, South Carolina, Tennessee residents can buy clothing, school supplies, and computers tax free. North Carolina resident get tax-free purchases on all these items along with sports equipment and instructional materials.

Illinois has one of the longest tax holidays in the country. Its tax holiday runs from August 6th to the 15th. There are no taxes on clothing, footwear, and school supplies for Illinois residents. Iowa and Louisiana both chose August 6th to the 7th for their holidays. Iowa residents can make clothing purchases tax free whereas Louisiana has the weirdest exemption. Their tax free holiday applies only to tangible personal property purchases.

Maryland's tax-free holiday runs from August 8th to the 14th. The tax free week will apply to all clothing and footwear items. Florida is offering its residents a 3 day sales tax holiday on August 13th to the 15th. School supplies, clothing, and books can all be purchased free from sales tax. Connecticut's holiday runs from August 15th to the 21st and applies to clothing and footwear purchases only

Texas is letting its residents buy clothing, backpacks, and any school related item sales tax-free from August 20th to the 22nd.

West Virginia has its three month annual shopping event from September 1st to November 30th. It applies to all Energy Star products including refrigerators, washers, dryers and air conditioners.

Be sure to check with your state comptroller's items for official information. There may be dollar limits on how much you can purchase tax-free. Remember to save yourself some cash and do your back to school shopping during your state's tax free days.

Do you wait for tax holidays to make purchases? Tell me why or why not in the comments.

Mark Riddix is the founder and president of New Horizons Financial Management, an independent investment advisory firm that provides personalized investing and asset management consulting. Mark is a regular contributor to Seeking Alpha and has written financial columns for Baltimore and Washington, D.C. area newspapers. Mark publishes his own financial blog, BuylikeBuffett.com and has written the book Your Financial Playbook.