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Change in filing deadline for South Carolina income tax returns

The South Carolina Department of Revenue (SCDOR) will honor the April 17th individual income tax filing deadline set by the Internal Revenue Service. Since April 15, 2012 falls on a Sunday, and Emancipation Day in Washington, DC (a DC-only holiday) is observed on Monday, April 16th, the official filing deadline will move to the following […]

Refund Anticipation Loans are no more

Refund Anticipation Loans have followed the floppy disk and the buggy whip into a state of obsolescence. Refund Anticipation Loans or RALs, as they are called, are very short term loans based on the anticipated receipt of your tax refund.  These loans allow you to get your tax refund in a matter of a couple […]

IRS Reminds Parents of Ten Tax Benefits

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. 1. Dependents In most cases, a […]

Four Tax Tips Regarding Tip Income

If your pay from work involves compensation through tips, then the IRS would like you to be aware of a few facts about tip income. Here are four key points to keep in mind: 1. Tips are taxable Tips are subject to federal income, Social Security and Medicare taxes.  The value of non-cash tips, such as […]

IRS Offers Several Reasons to File Your Tax Return Electronically

IRS e-file: It’s safe. It’s easy. It’s time. Most taxpayers—nearly 80 percent– file electronically. If you haven’t tried it, now is the time! The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of electronic filing in 1990. In fact, last year, 112 million people – 78 […]

Top Tips Every Taxpayer Should Know about Identity Theft

Identity theft often starts outside of the tax administration system when someone’s personal information is unfortunately stolen or lost. Identity thieves may then use a taxpayer’s identity to fraudulently file a tax return and claim a refund. In other cases, the identity thief uses the taxpayer’s personal information in order to get a job. The […]

South Carolina tax filers must now declare use tax liability

Many states, including South Carolina, seem to be searching for ways to increase revenues.  One way to do that is to become more aggressive in enforcing the often ignored Use Tax. A use tax is the government’s way of saying you still have to pay sales taxes even if you bought goods out of state. […]

Eight Facts to Help Determine Your Correct Filing Status

Determining your filing status is one of the first steps to filing your federal income tax return. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and […]

Six Important Facts about Dependents and Exemptions

Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return. 1. Exemptions reduce your taxable income. […]

Don’t be Scammed by Cyber Criminals

The Internal Revenue Service receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as a lure to make the communication appear more authentic and enticing. The goal of these scams […]