01 Apr Tax Tips for South Carolina Residents
Knowing the ins and outs of tax season can be a daunting task for any individual. Additionally, each state has its own regulations, making this task even more confusing. Make this tax season a little less ambiguous with these three tax tips specifically for South Carolina residents.
If you have made any charitable contributions, make sure they are accounted for on your tax returns. These are classified in South Carolina as itemized tax income deductions, so donate to your favorite charities throughout the year. This is a win-win situation because it allows you to put some good into the world and get some back in return!
Many South Carolina residents fall victim to flood damage and property losses during hurricane season. Many counties, especially in the Lowcountry, offer tax relief for flood victims. If you think you may be eligible, contact the IRS and identify yourself by “SC, Severe Storms and Flooding” written in red ink at the top of your tax return. Hopefully, this alleviates some of the financial stress associated with hurricane damage, and jumpstart South Carolina’s residents back on a track for success after a natural disaster.
New SC Residents
If you’ve just moved to South Carolina, or you’re planning to soon, it is important to know some of the tax laws unique to this state. For starters, disability income is deductible for South Carolina residents and your Social Security benefits will not be taxed at all. The typical state sales tax ranges from 5-6% depending on the region, and seniors 85+ receive a 1% sales tax deduction at the register. South Carolina strives to support low-tax initiatives, so there are many benefits to be reaped by moving here!
Many factors feed into your specific tax case but knowing these tips can help you know what resources are available to you, plan for the future, and note the key differences here in South Carolina.