Good news for Virginia shoppers: the Commonwealth's sales tax holiday was back to its regular August slot for 2024. This means you can once again enjoy a weekend of tax-free shopping, just in time for back-to-school preparations and other essentials.
This came after a hiccup last year when lawmakers allowed the tax holiday to lapse and held it later than usual. As a result, Virginia shoppers had to wait until October to enjoy tax-free purchases. Thankfully, 2024 saw the event returning to its familiar schedule.
Virginia tax-free weekend 2024
The Virginia sales tax holiday ran from Friday, August 2, through Sunday, August 4. During these three days, you could buy a range of qualifying items without paying Virginia sales tax, which when combined with local tax, can reach 7% in some areas.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Here's a quick rundown of what qualified for the tax break:
- School Supplies: Items like notebooks, pens, and other school essentials priced at $20 or less per item are tax-free.
- Clothing and Footwear: Apparel items priced at $100 or less per piece qualify for the tax exemption.
Hurricane and Emergency Preparedness Products were also included in Virginia’s tax-free weekend. This includes items like portable generators (up to $1,000), gas-powered chainsaws (up to $350), chainsaw accessories (up to $60), and other specified hurricane preparedness items (up to $60).
And don’t forget about Energy Star™ and WaterSense™ Products: Energy-efficient appliances and water-saving products for home use, up to $2,500 per item, are also tax-free.
Make sure to check out the Virginia Department of Taxation's guidelines to see the full list of qualifying items and any specific rules. Being prepared will help you make the most of the tax-free weekend.
Other Virginia tax relief: Standard deduction
In addition to the annual sales tax holiday, it’s worth noting that Virginia has introduced another tax relief measure that could benefit residents. The Commonwealth’s budget for 2024 and 2025 includes a temporary increase in the standard deduction.
- For joint filers, the Virginia standard deduction will rise to $17,000, up from $16,000.
- Virginian’s standard deduction for single filers will increase by $500, from $8,000 to $8,500.
This temporary change applies to the 2024 tax year (state tax returns you’ll file in early 2025). Lawmakers have indicated extending the increased standard deduction is possible if Virginia’s revenue goals are met. However, it's important to note that this involves the state-level standard deduction, not the federal standard deduction.
And while that's good news for many Virginia residents, keep in mind that Virginia implemented a gas tax increase to 30.8 cents per gallon from 29.8 cents as of July 1. While that's not as steep as some other states that increased gas taxes this summer, the tax hike still contributes to the overall cost of driving a vehicle in the Commonwealth.
Related
-
Why Uber Stock Is Volatile After GM's Cruise AnnouncementUber stock is swinging this week following news that General Motors is restructuring its Cruise unit. Here's what you need to know.
-
UnitedHealth Stock Falls as Lawmakers Eye Insurers, PBMsUnitedHealth stock is continuing to fall Thursday after the introduction of bipartisan legislation targeting PBMs and healthcare giants. Here's what to know.
-
Retirement Abroad? Three Countries With No Inheritance TaxRetirement Taxes These 2025 top-retiree-friendly countries have an added benefit: potential tax savings for you and your heirs.
-
Five Tax-Savvy Ways To Donate This Holiday SeasonCharitable Donations Food pantries, toy drives, and animal sanctuaries are popular ways to support others year-round.
-
Tax Pros: Is Someone Fraudulently Filing Returns With Your PTIN?Tax Filing An unmonitored preparer tax identification number (PTIN) can lead to serious issues.
-
Are You a Renter? You Could Save on TaxesTax Breaks With these tax savings at your fingertips, rent may be more affordable
-
2025 Open Enrollment: Some DACA Recipients Can Purchase Affordable Care Act Health InsuranceOpen Enrollment Your eligibility to purchase health insurance from the federal marketplace may have changed. Here's what you need to know.
-
Holiday Office Party Taxes: Know Before You GoTax Tips The IRS could tax your gifts from Christmas raffles, Secret Santa, and White Elephant. Here’s how.
-
New Mexico Small Business Saturday Tax Holiday 2024Tax Holiday Here's how you can save on taxes during New Mexico’s Small Business Saturday.
-
Holiday Shopping Tax Tips for Business OwnersTax Deductions Before hitting the sales, businesses should know these key deductions and look out for overspending.
