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Get Ready: Tax Free Weekend is Almost Here!

How would you like a weekend to maximize your personal cash-flow planning? Well, your friends in Tallahassee are about to help: Florida’s tax-free weekend kicks off on Fri., Aug. 4th and ends Sun. Aug. 6th.

To stimulate the economy in slower months of the year, many states, including Florida, hold a sales-tax-exempt weekend. Unfortunately, this sales-tax exemption doesn’t apply to all products but if you plan to purchase school supplies, clothing and computer related products you’re in luck!

Here are a few tips to gain the most from this year’s tax-free holiday:

  • Be Prepared: Before you delve into a shopping marathon, know what purchases are included. Shoppers and retailers can find a list of tax-exempt items by visiting the Florida Department of Revenue’s website at: http://floridarevenue.com/pages/default.aspx
  • Be Aware: …and don’t be discouraged just because this sales tax holiday focuses on the “back to school” sales; plenty of everyday items fall into the eligible category, including tennis shoes, clothing, computer supplies, and much more.
  • Bonus Savings: As an added incentive, many stores offer coupons or buy-one-get-one-free sales, so be sure to check your newspaper ads and mailbox to stack up the savings!
  • Think Ahead: Make a list for future anticipated needs. Just because the computer isn’t out of ink now doesn’t mean you shouldn’t take advantage of the tax-free savings, so be prepared to stock up. But small business owners beware: products used for commercial use are not tax exempt.
  • Pay Attention: During checkout make sure you received your savings, and verify your receipt to ensure you didn’t pay sales tax.
  • Research: Practice your due diligence and research prices of merchandise before hitting the stores. Just because something says “tax free” doesn’t mean it’s a good deal. Be wary of shop owners hiking prices to take advantage of all the business drummed up by the tax-free weekend.

So during the first weekend of August (as we often tell our clients), enjoy your tax savings…and be sure you’ve done good budget planning to put those savings to use.

At Patrick & Robinson CPAs, our accounting team holds decades of experience serving the business community and individuals with complex financial planning needs. Let us know how we can help you:  Office@CPAsite.com or 904-396-5400.

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