Last-Minute Tax Tips For South Carolina Residents

In this article, you can discover…

• The key deadlines to be aware of as a South Carolina taxpayer.
• Last-minute tax breaks that many South Carolina residents overlook.
• When to hire a tax professional, and how they can help.

What Are Key Deadlines South Carolina Taxpayers Need To Know About?

For the current tax year, both the IRS and South Carolina have set the tax return deadline to May 1. If you’re unable to file by then, you can request an extension, which gives you until October 15 to submit your return. However, it’s important to remember that this extension only applies to filing. You’re still expected to pay any owed taxes by the original May deadline to avoid interest or penalties.

What Deductions And Credits Should I Check Before Submitting My Return?

Before filing your return, be sure to review some of the most common tax credits and deductions, including:

• Earned Income Credit
• Child Tax Credit
• Child and Dependent Care Credit
• Energy-Efficient Home Credit (if applicable)

If you’re considering itemizing your deductions, be aware that medical expenses are only deductible to the extent that they exceed 7.5% of your adjusted gross income. Charitable donations must be significant enough to outweigh the benefit of taking the standard deduction. For example, a married couple filing jointly would generally need to donate more than $25,000 in order to make itemizing worthwhile.

Due to the higher standard deduction amounts, you will likely benefit from taking the standard deduction rather than itemizing.

What Last-Minute Tax Breaks Do South Carolina Residents Often Miss?

South Carolina offers several tax breaks that residents often overlook, especially as the filing deadline approaches. For example, special deductions are available for military members and law enforcement officers, though many eligible taxpayers are unaware they exist.

Additionally, while Social Security benefits may be taxed at the federal level depending on your total income, they are not subject to state income tax in South Carolina. This can significantly impact retirement planning. Another area where mistakes are common involves capital gains. Many often miscalculate taxes when selling assets, either by misunderstanding how gains are assessed or by failing to factor them in altogether.

Lastly, if you earn income in more than one state, South Carolina’s rules typically allow you to pay income tax only in the state where you reside, which can prevent you from being taxed twice.

What Documents Should I Review Before Filing?

Be sure to carefully review the following:

• W-2 forms
• 1099 forms, including 1099-NEC, 1099-MISC, and others

Confirm that all forms are accurate and that you’ve reported the correct figures on your return. Mistakes in these areas are among the most common causes of processing delays or IRS inquiries.

Should I Hire A Tax Professional, Even At The Last Minute?

If you find yourself confused by the instructions, unsure about where to report certain figures, or simply running out of time, it’s absolutely worthwhile to consult a tax professional. In fact, this may be the best South Carolina tax tip of all. A tax professional can help ensure your return is accurate and complete, and if needed, they can file an extension on your behalf to give you more time to finalize your return without risking late penalties.

Still Have Questions? Ready To Get Started?

For more information on South Carolina tax tips, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.