With the warm weather and vacation season here, it’s easy to take a mental break from the regular routine. However, to help you remember that summer can also be a big time for saving, and here are some tax free opportunities for you to get ahead with your finances.
Tax Holidays and Your Money
Tax holidays can be reductions or eliminations of a tax for a limited time. They can also be tax deduction for certain purchases. It’s usually created to help drive business.
You can make this a personal win if you focus on the items you were already going to buy.
Back to School Sales Tax Holiday
The most well known tax holiday are for those going back to school. Depending on where you live, your state can offer no taxes for specific school related items.
Typically they include stuff like:
- computer software (educationally related)
While dates vary, back to school tax holidays are in August so families can gear up for the new school year.
Please keep in mind that even though you’re getting a deal with taxes, it still pays to shop around to get the best prices, especially with laptops.
Emergency Preparation Sales Tax Holiday
With hurricane season here, you should check with your state to see if they have an emergency supply tax holiday.
Preparing now before a big storm can give you peace of mind.
Check with your state’s requirements, but you may be able to save on:
- portable generators
- batteries, flashlights
- portable self-powered radios
- self-contained first aid kits
Taking advantage of this will allow you to save money and stock up on what you need to keep you and your family safe.
Energy Efficiency/ Green Sales Tax Holiday
Several states are encouraging residents to go green. Georgia is holding its’ green sales tax holiday this year, September 30 – October 2, 2016.
You can get a tax deduction if you buy an eligible EnergyStar or WaterSense item ($1500 or less).
Some typical qualifying purchases usually include:
- programmable thermostats
A tax holiday is a huge plus; it means you can save now with your new energy efficient appliance purchase and save years down the line with lower electric and water bills. It’s a win-win!
Thoughts on Tax Holidays
I’d love to hear from you about your plans to save this summer and beyond.
How many of you take advantage of tax holidays? Do you know what’s upcoming in your state?