Tennessee’s annual tax-free weekend is coming up, July 28- July 30, earlier than it has been held in years past. This holiday applies to school supplies and computers, allowing parents to stock up for the school year and save money in the process. Because school supplies can put a significant strain on low-income families, the state allows families to save the 7 percent they would normally pay in sales tax. This holiday applies to school supplies priced at $100 or less, clothes priced $100 or less and computers priced at up to $1,500. It begins at 12:01 AM Friday morning and lasts until 11:50 PM Sunday night.
This sales tax holiday was first implemented in 2006 in an effort to help families get the school supplies they need. This holiday traditionally has taken place during the first full weekend in August, but has been moved to an earlier time to better meet families’ needs. It was developed as an effort to relieve the tax burden on the people of Tennessee. The state legislature has, over the last few years, cut taxes on groceries, cuts in the Hall Tax, the estate tax, and other tax burdens as well.
As a tax attorney, anything that helps reduce taxes on working people is welcome. Because the sales tax disproportionately impacts lower-income workers, this extra 7 percent in a family’s pocket might be the difference between having enough to make ends meet and being forced to go without.
At Burkhalter & Burkhalter, we know how confusing the tax system can be for even the most educated person. From high-worth clients to working class citizens, everyone can benefit from the help of a tax professional. This way, you can ensure that you are paying your fair share and taking advantage of any and all deductions available to you. For a free consultation to discuss your particular tax issue, contact Burkhalter & Burkhalter right away.