TAMPA — Back-to-school shopping can be expensive, but starting July 20, relief is available. We have officially entered the Back-to-School Sales Tax Holiday in the state of Florida, running now through August 20.
“One of the biggest things we talk about is having a plan and having a budget and doing what’s realistic and right for your family,” said Daniel Davis, Marketing and Product Specialist with GTE Financial.
WATCH: Back-to-School Tax-Free Holiday begins, financial expert offers advice
Davis said when it comes to the Back-to-School Sales Tax Holiday, families need to know what’s tax-free and what’s not.
“There’s actually different thresholds of what you can save tax-wise based upon what you are purchasing for your back-to-school,” said Davis.
For instance, clothes, shoes and backpacks are tax-free as long as you keep the item under $100, while school supplies are tax-free under $50 and computers and accessories are tax-free as long as they are below $1,500.
“So if you are going to go buy the top-of-the-line computer that’s over $2,000, you may not be experiencing those savings, but if you sit down with your family and you make a plan and you believe that a $1,400 computer can serve the same needs, then that might be a better option for you,” said Davis.
If you’re looking for something that doesn’t fall under the tax-free status, that doesn’t necessarily mean there still isn’t savings to be found.
“Because a lot of stores will run discounts concurrent to this to give you the best bang for your buck as well,” said Davis.
For those new to the state of Florida, the holiday could be a huge learning lesson when it comes to how much a seven percent sales tax can add up over the course of the year.
“States like Delaware, for example, they don’t tax on clothes, so those people get that relief year-round. This is a great opportunity for us to match, especially for the people who want to move here,” said Davis.
Davis also said the timing of this year’s holiday couldn’t be more perfect.
“Because it extends past the start of school this year, so if you do forget something, you can still take advantage of those tax savings,” said Davis.
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