BBB Helps Consumers Prepare for the Annual Tax Holiday August 21st - 23rd
Austin Texas - August 18 2009 The summer break for students and parents is almost over and a familiar welcome event this weekend is seeing a few changes. The 11th annual Tax-Free Weekend or Sales Tax Holiday begins this Friday August 21st and runs until Sunday August 23rd.
The major change this year involves a number of school supplies being added to the tax exemption list making this weekend even more of a back-to-school shopping opportunity for consumers.
The back-to-school shopping season is one of the biggest shopping seasons and tends to take a big chunk out of the family budget says Carrie A. Hurt President and CEO of BBB Serving Central Coastal and Southwest Texas. Parents like to take advantage of the tax-free weekend but its also important they only get what they need and make sure it qualifies as being tax-free.
With shoppers saving roughly $8 for every $100 they spend Texas Comptroller Susan Combs says Texans will save an estimated $65 million this weekend on tax-exempt items. Most school supplies clothing and shoes priced less than $100 with some exceptions can be purchased tax-free from retailers. A full list of items that qualify can be found on the Texas Comptrollers Web site here.
Many stores will offer extended hours to help all families take advantage of this once-a-year tax-free event. BBB offers tips for navigating through this busy weekend:
Take inventory. Before hitting the stores parents should take inventory of items they already have. There may be leftover supplies from the previous school year that can be used. Look around the house for reusable items such as backpacks lunchboxes calculators and rulers.
Set a budget. The math class should begin before the bell rings. Budgeting for school costs should be planned a few days in advance. Include children in the process of creating the budget to teach them responsible money management - a lesson that will take them far beyond the classroom.
Shop with a list. After taking inventory create a back-to-school shopping list for each child and stick to it. Shopping with a list will help parents stick to their budget avoid costly impulse purchases and also ensure that nothing is forgotten. Keep the list in a central location and share with other family members if shopping duties are split. Once an item has been purchased cross it off to avoid duplicate purchases.
Know what your childs school allows. Schools will often provide parents with a list of required items for the school year which can help determine what needs to be purchased. These lists are also available at many of the retail stores and on school Web sites. Additionally many schools have specific dress codes so parents need to keep these restrictions in mind before spending money on clothes their children may not be allowed to wear. The same principal goes for cellular phones and other electronics that may be marketed to parents as a back to school" special but are generally not tax-free and not allowed on school campuses.
Check for refund and exchange policies. Some stores will give extra incentives and discounts to bring in business so be sure those additional savings will be refunded if there is a problem with any item purchased. The same goes for exchanges made with these items so check with the individual stores first before making a decision.
For additional budgeting and shopping tips and to check the reliability of a company visit
www.bbb.org.
