Money moves for 202112/10/2023 ![]() It sounds bizarre for someone to want to opt out of receiving extra cash, but for parents with unusual tax situations, it may be the best way to avoid the unpleasant surprise of a hefty tax bill next spring. If you missed the August deadline, it’s not too late to opt out of the September payment - but don’t put it off for too long: The Monday before the first Thursday of September is actually August 31. That’s because the IRS deadline for avoiding the next (and all subsequent) payments is the Monday before the first Thursday of the month. EST on August 2, it is too late to opt out and avoid receiving your August child tax credit payment. Most parents shouldn’t need to take any action, but if you want to opt out of monthly payments or update your information, take note of these dates: Deadline(s) to unenroll from monthly payments ![]() 13, injecting up to $300 per child into millions of peoples’ budgets. The second of six monthly child tax credit payments will deposit into parents’ bank accounts on Aug. ![]() Unenroll from future child tax credit payments Be sure to check the specific dates, price limit and products available for the discount in your own state to avoid any surprises at the checkout counter. Shoppers in states like New Mexico or Missouri can make tax-free purchases on clothes, shoes, and computers as well. But what counts as school supplies can vary by state, and some states may offer the tax break on items other than traditional school supplies like notebooks and calculators. The National Retail Federation estimates families will spend an average $849 on back-to-school shopping this year. The savings will be more in places that include local sales taxes in the shopping holiday. This year, 15 states have some sort of back-to-school related tax holiday during the month of August.ĭepending on where you live, you can save between 4% and 7% without having to pay state sales tax. The price of back-to-school supplies is expected to be at an all-time high this year, so there’s no better time to take care of one of the most costly annual to-dos than during your state’s tax-free shopping holiday.Įvery year around this time, select states offer “tax holidays” that allow shoppers to buy school supplies without having to pay any sales tax. Plan back-to-school shopping around tax-free holidays Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas View Ratesġ.
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