Get your credit and debit cards ready because several states are lowering taxes during the weekend.
The tax-free holiday arrives, and certain states will charge fewer taxes for clothing, school supplies, and technology products.
The tax-free holiday will help you with some economic burdens before going back to school.
If you want to buy clothes, a new laptop or a school’s backpack, here’s what you need to know.
What is the tax-free holiday?
Tax holidays are weekend or weekend-long dates where state governments don’t charge or reduce their sales taxes for shopping.
The reduction or the elimination of the state taxes could apply to certain products.
In 2022, several states included books, computers, athletic gear, and clothing.
Residents of Alabama, Mississippi, and Tennessee already experienced the tax-free holiday.
Which states are cutting taxes in the upcoming weekends?
-Arkansas
August 6 to 7, 2022.
-Connecticut
August 21 to 27, 2022
-Florida
July 25 to August 7, 2022
-Illinois
August 5 to 14, 2022
-Iowa
August 5 to 6, 2022
-Maryland
August 14 to 20, 2022
-Massachusetts
August 13 to 14, 2022
-Missouri
August 5 to 7, 2022
-New Mexico
August 5 to 7, 2022
-Ohio
August 5 to 7, 2022
-Oklahoma
August 5 to 7, 2022
-South Carolina
August 5 to 7, 2022
-Texas
August 5 to 7, 2022
-Virginia
August 5 to 7, 2022
-West Virginia
August 5 to 8, 2022
In the vast majority of those states, clothing, school supplies, art supplies, laptops, and tablets won’t have taxes.
However, several items will have a certain amount of taxes off.
For example, a backpack in Missouri under $50 doesn’t pay taxes.
If you buy a backpack that costs $70, in Missouri, you will pay the equivalent taxes for a $20 purchase.
“In Maryland for example, the first $40 spent on a backpack is tax-free,” CNET reported.
“If you were to spend $60 on a backpack, you would only be taxed for $20. However, in a state like Massachusetts, if you go over the price limit — $2,500 for all qualifying purchases — the entire item is subject to sales tax.”
