Here’s one way that overtaxed parents can find some relief while buying school supplies: skipping the sales tax. Back-to-school shopping is expected to reach an all-time high of $41.5 billion this year, up nearly $5 billion from last year, according to the National Retail Federation’s 2023 expectations. Average spending on back-to-school shopping per household is estimated to hit a high of $890.07 — $25 more than last year’s record.
Back-to-college shoppers also plan on spending more on things like electronics and dorm or apartment essentials this year, with 43% saying their increased expenditure is due to a need for more items, the NRF added. And with big spending on school necessities comes a heightened desire to get the best deals possible — which is where tax-free holidays come in. More than a dozen states that normally charge sales tax are holding weekend or week-long events over the next month or so that nix the sales tax from items that often pop up on school supplies lists. Indeed, 83% of parents in WalletHub’s 2023 back-to-school shopping survey say that the cost of education has gotten “out of control,” with nearly one in two parents saying they will spend more on back-to-school shopping this year compared to last year. So for those still looking to save on clothes, supplies and electronic devices this back-to-school shopping cycle, the summer 2023 sales tax-free …
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