Florida's tax free weekend scheduled for August 3-5
(MIAMI, July 19, 2012) – If you’re already thinking of purchasing supplies for your kids’ back-to-school shopping needs, then mark your calendars for the first weekend in August. This year, Florida’s sales tax holiday weekend has been scheduled for August 3-5, 2012.
The three (3)-day sales tax holiday begins at 12:01 a.m., Friday, August 3, 2012, and ends at midnight, Sunday, August 5, 2012. During this period, no Florida sales tax or local option tax will be collected on sales of clothing, footwear, and certain accessories selling for $75 or less per item, or on certain school supplies selling for $15 or less per item.
The law mandates that no sales-tax be collected on the sale of clothing, wallets, or bags, including handbags, backpacks, fanny packs, and diaper bags. But it excludes briefcases, suitcases, and other garment bags, having a sales price of $75 or less, or on sales of certain school supplies having a sales price of $15. View a complete list of clothing and accessory items and their taxable (T) or exempt (E) status during the tax free weekend.
In order to maximize your savings during the tax free holiday weekend take your time and plan ahead.
- Make a list. Before hitting the stores, make a list of items that you need to buy and cross reference them with the State of Florida's taxable and tax-exempt items list to learn if your purchases will be free from tax. It can be easy to spend too much money when there are sales.
- Set a budget. Once you’ve done the list, decide how much you are willing to spend per child a few days in advance. Sit down with your son and/or daughter and review the list. You’ll be teaching them to be organized, a life skill that applies to more than shopping.
- Shop for the best deals. Stores usually offer sales for the tax free holiday. Hunt for bargains in the sales papers before heading to the store and make sure you’re getting the best deals in town.
- Know what your child’s school allows. Most schools will provide parents with a list of required items for the school year which can help determine what needs to be purchased. Additionally, many schools have specific dress codes, so keep these restrictions in mind before spending money on clothes that may not be allowed.
- Teach important money lessons. Back-to-school season is a good time to teach your kids about money and budgeting. Depending on their ages, you could negotiate back-to-school budgets with your kids and allow them to manage those budgets entirely themselves.