Wallets Get A Break With Tax-Free Weekend

: Chris Lee Law Firm

  Filed under: Money Management

tax free weekendAs kids are trying to enjoy their last few days of summer, parents are busy buying school supplies and clothing for the upcoming school year. The cost of school supplies alone can take a toll on a parent’s wallet, not to mention the price of clothing and shoes. Back to school shopping is a fun experience for most kids, but many parents are dreading the final bill.

Economic times as these have many families struggling to make ends meet and keep up with their debt payments. Luckily, many state and local governments around the country have implemented a system to help ease the financial burden of preparing for a new school year.

Holiday From Sales Tax

Once a year, state and local governments join forces to provide what is called a “tax-free weekend”. The unofficial holiday takes place a week or two prior to the beginning of the school year and provides sales tax exemptions for many school and clothing related items. From paper and protractors, to larger purchases like graphing calculators are all included in the tax-free weekend promotion. Many clothing and shoe items are also exempt from sales tax during the tax-free holiday. However, it is best to check your state or local government website for details, as each have different specifications as to which clothing and shoe items are eligible for tax exemption.

Giving Back

Another increasingly popular trend is “back-to-school drives”, which provide free supplies and clothing to families that cannot afford to purchase necessary items. These events are donation based and collect donated items throughout the year to provide for the less fortunate. With many suffering through this tough economy, it hasn’t stopped so many people from teaming up to provide necessities for all school children.

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