It’s back-to-school time! Things may look different this
year, but one thing is for certain, kids will need school supplies. Each year, various
states hold a tax-free weekend to make back-to-school shopping more affordable
for parents. Ohio’s is this weekend and starts on Friday. Between Friday at 12:00
AM to Sunday at 11:59 PM clothing, school supplies and instructional materials
(up to a certain value) will be exempt from sales and use tax. The stores are
usually more crowded during tax-free weekend, so you may be asking is it worth
it? We think it is.
Thanks to coronavirus, back-to-school shopping is expected
to hit an all-time high as students transition from in-school learning to remote
learning. According to the National Retail Foundation, households are projected
to spend an average $789.49 for students in K-12. The sales tax rate in
Montgomery County is 7.50%. That would result in a savings of $59.25 (rounding
up to $790) per family. That is quite a savings! For those in college, that
savings is even more. Back to college shoppers are expected to spend $1,059.20
per household, that is almost an $80 savings!
We recommend making a list of items you want to purchase,
and which stores you plan to visit. This will help alleviate some frustration
with the increased crowds.
Tax free weekend is not just for back to school shoppers.
Savvy shoppers can use the weekend to make bigger purchases and save a few
Are you planning on participating in tax free weekend?
For more financial information make sure to visit our blog and follow us on
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