How can YOU save money on this tax-free weekend?

If you like to cut the government out of your business dealings, there's a holiday for you just around the corner.

The state of Oklahoma will hold its annual sales tax holiday from Friday, August 2 to Sunday, August 4. The holiday will begin at 12 a.m. Friday and end at 12 midnight Sunday. During this time, sales taxes will not be levied on the purchase of certain items. No retailer may collect sales tax on tax-free items.

Here's what you need to know.

WHAT'S EXEMPT?

According to a statement from the Oklahoma Tax Commission, clothing and footwear with a sales price of less than $100 are exempt from sales tax.

Here's a list of tax-free items provided by the OTC: aprons, household and shop; athletic supporters; baby receiving blankets; bathing suits and caps; beach capes and coats; belts and suspenders; boots, coats, and jackets; costumes; diapers, children and adult, including disposable diapers; ear muffs; footlets; formal wear; garters and garter belts; girdles; gloves and mittens for general use; hats and caps; hosiery; insoles for shoes; lab coats; neckties; overshoes; pantyhose; rainwear; rubber pants; sandals; scarves; shoes and shoe laces; slippers; sneakers; socks and stockings; steel-toed shoes; underwear; uniforms, athletic and non-athletic; and wedding apparel.

WHAT'S NOT EXEMPT?

Sorry, ladies, but “jewelry, handbags, luggage, and umbrellas” are not exempt from sales tax. And gentlemen? You'll still have to pay taxes on “wallets, watches, and other similar items,” the OTC release stated.

Also, sales tax exemption does not apply to the sale of “clothing accessories, special clothing, or footwear primarily designed for athletic activity or protective use,” according to the statement.

Clothing rentals will also remain taxable.

HOW DO DEALS WORK?

If a retailer has a “buy one, get one free” offer, the prices cannot be averaged to make both items eligible for exemption. In this situation, whether an item qualifies for exemption will depend on the “actual price paid for each item,” the OTC said.

WHAT ABOUT INTERNET SALES?

Sales tax exemption applies to any purchases made “by mail, telephone, email, or internet,” the OTC said.