BMI Federal Credit Union
Tax Free Weekend 2017
Stock Up On Back-To-School Essentials
Tax Free Weekend is almost here! Starting on Friday, August 4 and ending on Sunday, August 6, Ohio will be having their annual tax-free holiday, where you can buy certain items sans tax. Stock up on new clothes and back-to-school essentials so that you can send your kids back to school in style and still have money left in your pocket!
Here's some important information to know about this prime shopping day:
- Not everything is tax free. Before you load up your shopping cart, make sure you know what you can actually buy with that tax-free discount. Items vary by state, but in Ohio you can buy:
An item of clothing priced at $75 or less
An item of school supplies priced at $20 or less
An item of school instructional material priced at $20 or less
These prices only apply to individual items and not your purchase as a whole, so you can buy as many pieces of clothing as you want, as long as they’re all $75 or less. You can also visit the free tax weekend website for a specific list of school supplies, instructional materials and clothing items that are included in the holiday.
Coupons, coupons, coupons. Many retailers will let you use coupons or promotions on top of the tax-free savings, so check to see if the stores you’re planning on visiting have any special promotions or coupons available.
- Don’t buy just because you can. It can be tempting to buy something just because it’s a good deal, but that doesn’t always mean it’s a good choice. To avoid this common mistake, make a list of all the items you need and budget out how much you’ll need to purchase these essentials. Use an app like My Finance Tool in Online Banking to keep you accountable and aware of how much you’re spending.
Watch the register. Keep an eye on the register to make sure you’re receiving your tax-free discount. Nothing’s worse than getting home and realizing none of your discounts have been applied.
Plan ahead. To make the most out of your tax-free savings, try to plan ahead and think of things you may need in the future. Do your children always lose their socks or go through notebooks like there’s no tomorrow? Tax-free weekend is the perfect time to stock up.
Before you break out your shopping list and credit card, it’s important to make sure you have a plan in place. If you follow these tips and shop smartly, you’ll be making the most out of your tax-free savings!