Four Tax Free Weekend Shopping Tips

Back in 1996, New York legislature was the first to enact a statewide sales tax holiday through a tax-free week that began in January 1997.  Since then, thirteen different states have adopted the notion of this back to school tax free shopping weekend. (source: Wikipedia)   Saving money is normally music to our ears.  Saving on taxes at the same time we can get a discount on merchandise is surround sound for our ears.   There are several states that don’t currently impose a sales tax entirely, but here are my four smart money moves on how to take advantage of the tax-free shopping in the state of Georgia.  E-mail me if you want to know how to save money in your state at ted@oxygenfinancial.net.

  1. Computers All computer and software items that are under $1,000 are exempt from sales tax during the tax-free weekend.   Be on the lookout for special deals from Apple, Dell, and also the major technology department stores.  It isn’t just a smartphone, computer, or tablet you should be considering during this weekend.   This might be the best time to pick an anti-virus software or a home office package that you have been waiting on purchasing.
  2. Clothing Your kids continue to grow like a ‘weed’ and now you need to stock up on new clothing.  Remember, the key here is that you avoid sales tax in Georgia on clothing that is less than $100 per item.   This is going to be important because loose items such as socks, underwear, and t-shirts will easily meet this threshold.  If you are going to do designer clothes, you may want to pick up discounts from the summer stock they are trying to get off the shelf.
  3. Supplies Supplies tend to be on the low side when it comes to the per items amount of saving money which is $20.   Certainly, you can pick up all of the basics and meet this threshold, but be careful when it comes to buying higher end supply items such as a backpack.
  4. Have The List Of Exempt Items Here is a great list from last year of exempt and non-exempt items that you should bring along with you when you go shopping this year http://bit.ly/1gI47gM.  Wouldn’t it be a shame if you thought TV’s qualified, and they did not?   Just like holiday time, make a list and check it twice!

We love saving money and I hope these smart money moves put a few dollars back into your household that you can use to increase your bottom line.

Written by: Ted Jenkin
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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid…

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA’s BrokerCheck website.

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