Finance For Life

Tax Free Weekend: What You Need To Know

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The first tax-free weekend of the year is just around the corner! Here’s everything you need to know about how to take advantage of this annual event.

We’ll cover what items are eligible for the tax break, how much you can save, and where to find the best deals.

What is Tax-Free Weekend

Tax-Free Weekend is a holiday created by state governments to give shoppers a break on sales taxes. It typically falls in August, right before the start of the school year when parents are doing their back-to-school shopping. This year, Tax-Free Weekend will be held from August 7-9.

During the holiday, shoppers can purchase certain items without having to pay state and local taxes. This includes clothing, school supplies, and computers. Each state has different rules about what exactly is eligible for the tax break, so be sure to check before you start shopping.

How Much Can You Save

The amount you save during Tax-Free Weekend depends on the state you live in and the items you purchase. Sales taxes can range from 4% to 10%, so you could potentially save a significant amount of money by taking advantage of the holiday. For example, if you spend $500 on qualifying items in a state with a 6% sales tax, you would save $30.

In some states, the savings are even greater. In Connecticut, for example, the sales tax is 6.35%, but shoppers can save an extra 2% by taking advantage of Tax-Free Weekend. This means that they would only be responsible for paying 4.35% in taxes on qualifying purchases.

Where to Find the Best Deals

Many stores offer special deals and discounts during Tax-Free Weekend in order to entice shoppers. You can find these deals by checking store circulars, browsing online, or signing up for email newsletters. Some stores also offer rain checks, which means that you can take advantage of the sale prices even if the items you want are out of stock.

To get the best deals, start your shopping early and be prepared to shop around. Compare prices between different stores before making a purchase, and don’t forget to factor in the cost of sales tax. You might also want to wait until the end of the weekend to shop, as some stores offer further discounts on clearance items.

when is tax free weekend in arkansas

The exact date of Arkansas’ Tax-Free Weekend changes every year, but it is always in early August. This year, the holiday will be held from August 1-3.

What to do if you’re not happy with your purchase

If you’re not happy with a purchase you made during Tax-Free Weekend, you may be able to return the item and get a refund. However, each store has different return policies, so it’s important to check before you make your purchase. Some stores only allow returns on items that were bought within a certain time frame, and others may not accept returns on sale items at all.

If you’re not sure about a store’s return policy, ask a sales associate or look it up online. It’s always better to be safe than sorry, and you don’t want to end up stuck with an item you can’t use.

What to do if you’re not sure whether something is taxable or not

If you’re unsure whether an item is taxable, ask a sales associate or look it up online. Most stores will have a list of items that are eligible for the tax break, and they should be able to help you figure out if something is included on that list.

You can also check your state’s website or the Tax-Free Weekend website for more information. Each state has different rules about what is and isn’t taxable, so it’s important to make sure you’re getting the correct information.