Life moves quickly. It’s easy to get distracted. But that can be costly.
Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.
Enter our “Money Calendar” series.
In this edition, we’ve rounded up the noteworthy money dates in July 2021. Take a look and mark your calendar with any dates that apply to you.
July 1 — Federal student loan interest rates change
New interest rates for several types of federal student loans take effect on this date:
- Direct Subsidized Loans and Direct Unsubsidized Loans: 3.73%
- Direct Unsubsidized Loans: 5.28%
- Direct PLUS Loans: 6.28%
These rates apply only to these types of loans that are first disbursed anytime from July 1, 2021, through June 30, 2022. These rates also are fixed, so they will not change during the life of such loans.
For more information, visit StudentAid.gov.
July 1 through July 7 — Florida’s Freedom Week Sales Tax Holiday
Florida is debuting a new type of sales tax holiday in July: a Freedom Week Sales Tax Holiday.
During this period, shoppers will not be charged sales taxes on qualifying purchases of recreation and outdoor items as well as admission to entertainment and cultural events.
The state has created an online poster that details which items qualify and the limits on how much you can save. A question-and-answer document about the Freedom Week Sales Tax Holiday also is available.
July 1, 2021, through June 30, 2022 — Tennessee’s gun safety sales tax holiday
Tennessee also is debuting a brand-new sales tax holiday in July — one that will last a full year starting this July. During this period, shoppers will not be charged sales tax on gun safes or gun safety devices.
For more information, including the state’s definitions of “gun safe” and “gun safety device,” check out the Tennessee Department of Revenue’s Sales and Use Tax Notice No. 21-13: Sales Tax Holiday for Gun Safes and Gun Safety Devices.
Late July — 5 back-to-school sales tax holidays
July is the first month of back-to-school sales tax holidays — during which residents can buy items like school supplies, clothing and sometimes computers without paying any sales tax.
We’ve identified five states with back-to-school sales tax holidays that start or are expected to start in the latter half of July:
- Alabama
- Florida
- Mississippi
- Tennessee
- West Virginia
For dates and links to more information, check out “17 States With Sales Tax Breaks This Summer.”
July 30 through Aug. 5 — Tennessee’s food sales tax holiday
Tennessee is bringing back its sales tax holiday for food, food ingredients and prepared food, which is essentially an expanded version of a sales tax break on restaurant food that the state first offered in 2020.
For more information about the 2021 edition, check out the Tennessee Department of Revenue’s Sales and Use Tax Notice No. 21-10: 2021 Sales Tax Holiday for Food, Food Ingredients, and Prepared Food.
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