Plan ahead for tax-free weekend
July 25, 2013
LGFCU has several products to help you plan smartly for a money-saving tax-free holiday August 2-4.
If you have a Coverdell Education Savings Account (CESA), it's a great time to use those funds on CESA-eligible education expenses. School instructional materials priced up to $300 per item and school supplies costing up to $100 per item are sales tax free during the holiday.
Members interested in buying a computer should consider a fixed-rate LGFCU computer loan. With a 6.5% interest rate, that's less than most credit or store card rates. Computers, tablets, netbooks and eReaders with enhanced computing functions priced up to $3,500 per item are tax free. Certain computer supplies costing up to $250 per item are also exempt from sales tax. Use Member Connect to apply online or call the Contact Center at 888.732.8562.
Whether online or in-store, enjoy the ease and safety of shopping with our 9.75% interest rate LGFCU Visa® Credit Card. It's the perfect way to get whatever you need—from clothing and computers to sports equipment, school supplies and more.
Look through the complete list of eligible items and get ready to spend some to save more during this last tax-free holiday in North Carolina.
Three quick tips to being a super smart shopper
1. Know before you go
- Participation by retailers in the sales tax holiday is required.
- Retailers can't charge sales tax, and require you to request refunds of those taxes, either from the retailer or the Department of Revenue.
- If sales tax is charged mistakenly on purchases eligible for exemption, your only option to get a refund is to return to the retailer.
- Remember to check your receipts to make sure you get the correct discount.
2. Pack your coupons
- For store coupons, the sales price of the item after the coupon is used determines whether an item is exempt from sales tax.
- Manufacturers' coupons are the opposite. The sales price before the coupon deduction decides if the item will be tax free.
- Rebates, which are typically mail-in discounts, are not considered when determining the sales price of an item. If an item is priced over the maximum exemption amount, a rebate will not make it tax free.
- Remember to look for electronic coupons in advance. Some may need to be printed, while others are linked directly to store loyalty program cards or live on your smartphone.
3. Don't rule out certain stores
- Look for deals even at stores with items that aren't on the list. They often jump on the bandwagon and offer the equivalent of the sales tax break or more.