How to Plan your Tax-Free Weekend as an Entrepreneur
At ExpressTaxFilings, we understand most of our users have businesses to run, but we also know you value a real bargain. Tax-Free Weekend starts tomorrow for Texas, Florida, Missouri, Tennessee, Ohio, Arkansas, Oklahoma, South Carolina, and more. Several states offer Tax-Free Weekends to give it’s hard working taxpayers a break on school supplies and other necessary items by eliminating sales taxes for a short weekend. This tradition was started in 1997 in New York state to promote shopping and give the economy a boost, this idea, of course, spread and now includes 16 participating states.
Each state has their own list of requirements and exclusions for what will be included during the Tax-Free Weekend; however, most states include school supplies, clothes, emergency supplies and laptops. As we previously stated Tax-Free Days do vary state by state, they set their own dates, eligible tax-free items, and limits, so it is important to check with your state to learn more information.
This weekend is not only a perfect time for parents to stock up on school clothes and supplies but also a great opportunity for entrepreneurs. Laptops and tablets can be a significant expense for your businesses, especially for new owners. But to stay ahead of the changing times you need new technology to succeed and grow your business. Tax-Free Weekend is a great opportunity to purchase much-needed equipment and save money. Also consider purchasing storage items, office furniture, and emergency supplies for your business.
How to Get the Most out of Tax-Free Weekend:
1. Plan Ahead
- Find out what items your state includes as tax-free.
- Compare prices and make a list before you shop.
- Don’t forget to take advantage of coupons and sales
2. Shop Smart
- Only shop for deals on items you actually need and have the money to purchase without a credit card.
- Layaways: items you place in layaway during Tax-Free Weekend will remain tax-free as you pay them off.
- Rainchecks: Chances are that popular item you wanted will be long gone by the time you get to the store. But just because that item is sold out doesn’t mean you can’t benefit tax-free. Ask the store if they give rain checks and purchase the item tax-free on a later date.
3. Understand What’s Included During Tax-Free Weekend
- Athletic or sports clothing
- Batteries
- Clothing (suits, belts, blouses, etc.)
- Computers
- Computer hardware service contracts sold along with computers
- Computer software
- Daily planners or organizers
- First aid kits
- Cell phone batteries and chargers
- Formal clothing
- Printers
- Purses
- Smoke detectors, fire extinguishers, and carbon monoxide detectors
- What isn’t Tax Exempt Tax:
- Briefcases
- Cameras
- Cell phones
- Gas
- Rental items
- Cookware
- Cosmetics
- Glasses
- Hardware
- Jewelry
- Please visit your state’s website for more information on tax-free items
At ExpressTaxFilings we pride ourselves on being user-friendly, and IRS-authorized with an efficient step-by-step interview process focused on accuracy and security. For all of your IRS filing needs choose ExpressTaxFilings because we truly believe that when you succeed, we succeed.
