Make The Most Out of Tax Free Weekend

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Here in the U.S., summer is quickly coming to a close. Many great things happen around this time, one of which is Tax Free Weekend. Tax Free Weekend is when the government gives it’s hard working taxpayers a break on necessary items and eliminates sales taxes for a weekend. The first sales tax free weekend was in New York state in 1997. This is done to promote shopping or consumerism and stimulate growth in the economy. If you’re savvy, then you can save quite a bit of money.

 

Items that are usually tax free include clothes, school supplies, books, computers and shoes. Yes, this coincides with back to school and yes this is on purpose (stay tuned for the article on back to school sales). The actual dates of the weekend vary by state, 16 states participate in tax free weekend. They are Alabama, Arkansas, Connecticut, Florida, Georgia, Iowa, Louisiana, Maryland, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas and Virginia. The dates are generally the first or second weekend in August. Check the specific dates for your area if you reside in one of the states listed above.

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Tax free weekend is not only a great time for parents to stock up on school supplies. As a savvy professional or entrepreneur it’s a great time for you too. New computers and tablets can a large purchase, especially for recent entrepreneurs. However, with this fast paced, knowledge at your fingertips world we live in, new technology is necessary for the success and growth of your business. Tax free weekend is a great time to make that much needed purchase and save a little green.

 

Other items that have great deals around this time are storage items, office furniture, linens, and swimsuits. Couple the deals with no sales tax and you can save quite a bit while getting items that you need. Speaking of which, a caution: don’t go into shopping craze mode. Only shop the deals for things that you actually need and have the cash to purchase.

 

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Photo credit: Wonderlane

About Dr. Maria James

Dr. James, The Money Scientist, has expertise with designing income management, debt management, and wealth strategies to help you live your best life. She is the founder of Pocket of Money, LLC and the creator of The Wealth Protocol™. Dr. James has also been a guest financial expert on ESSENCE, WEAA, Madame Noire and more.

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