This weekend in tax free weekend and people will be lining up everywhere to get items that they want at a “great” discount. And usually, with a deal like this, people tend to purchase items with a larger price tag, such as TVs.
But is tax free weekend really all it’s cracked up to be? Experts say that you would be better off with any regular sale that a store is having that offers 20% off. When you get down to the nitty gritty, tax free weekend only takes off around 6% of your purchase. “‘Tax free’ sounds impressive but it’s only about a 6.25% off sale, compared to routine advertised store sales of 20% off or more,” states Joseph Henchman from the Tax Foundation.
The reality of all this is that tax free weekend is a good idea, but not as good of a bargain as everyone makes it out to be. You can save much more by just going to a regular sale at the store any other time of the year. Feel free to go out and enjoy the weekend, but be aware of how much you spend and when other sales will be occurring for those bigger items, in case you can get a better deal another time in the near future.
What is your take on tax free weekend?
Robert Cooper CPA, P.C. 