Tag Archives: SCDOR

South Carolina Individual Income Tax rebates are on the way

August 10, 2022
The South Carolina Department of Revenue (SCDOR) will issue close to one billion dollars in state tax rebates before the end of the year but only to those who have filed their 2021 SC Individual Income Tax returns by October 17, 2022, the filing extension deadline.
State lawmakers approved the rebates in June as they finalized the state budget. This rebate is based on your tax liability up to a certain amount. However, that amount cannot be determined until after October 17, when all eligible returns have been filed.
Keep reading to learn more about the coming rebates, including how much money you can expect and how to determine your eligibility. We also recommend that you bookmark our rebate homepage, which will be updated regularly with the latest information.
It’s easy to determine if you’re eligible to receive a rebate:
● You must have filed an SC Individual Income Tax return (SC1040) for tax year 2021 by October 17, 2022.
● You must have owed state Income Tax for tax year 2021, what tax professionals call tax liability. Specifically, that is the Income Tax you owe minus any credits.
● You can be a South Carolina resident, part-year resident, or nonresident.
The following groups are not eligible to receive a rebate:
● Those who have not filed an SC Individual Income Tax return by October 17, 2022.
● Taxpayers who have no state Individual Income Tax liability for the 2021 tax year.
You can calculate the rebate amount you can expect by looking at your 2021 Individual Income Tax return (SC1040):
● On your 2021 SC1040, add your refundable credits, lines 21 and 22. Now subtract those credits, if any, from line 15.That’s line 15 – (line 21 + line 22)
● If that amount is less than the rebate cap set by the SCDOR after October 17, you will receive that amount.
● If it is greater than or equal to the cap, you will receive the cap amount.
● While the legislation sets a minimum cap of $700, the actual amount will be set by the SCDOR after October 17. That’s the deadline for extension filers and when we’ll know how many taxpayers are eligible for a rebate.
● Taxpayers do not need to send their self-calculation or any additional information to the SCDOR to receive their rebate.
For most taxpayers, the SCDOR will issue rebates in much the same way we issued refunds this year.
● If you received a refund by direct deposit, the SCDOR will use the same bank account to issue your rebate by direct deposit.
● If your bank account has changed since receiving your 2021 direct deposit refund, notify us by November 1. Download and complete the SC5000 and email it to SCRebate@dor.sc.gov. You will receive your rebate as a paper check.
Paper checks will be issued if:
● You received your 2021 refund by debit card or paper check.
● You had a balance due and did not receive a refund.
● You received your 2021 refund using a tax preparer’s account.
Be sure your address on file with the SCDOR is current.
● If you need to change your address, notify us of your new address by November 1. Download and complete the SC5000 and email it to SCRebate@dor.sc.gov.

The SCDOR to begin accepting Tax returns on Monday, January 28, 2019.

The South Carolina Department of Revenue (SCDOR) and the IRS will begin accepting Individual Income Tax returns on Monday, January 28, 2019.
The SCDOR is encouraging taxpayers to file electronically. “It’s faster, more accurate, and the safest method of filing,” said SCDOR Director Hartley Powell. “Last year, 89% of South Carolinians filed electronically. We hope to exceed that number this year.”
Five things to know for the 2019 filing season:
  1. Filing electronically is the fastest and most secure way to file.
  2. Processing your return and refund is expected to take 6-8 weeks.
  3. Fighting fraud to protect taxpayer dollars is our priority.
  4. State and federal returns are due April 15, 2019.
  5. Check your refund status at dor.sc.gov/refund.
Filing electronically saves you time and money, plus:
  • Automatic calculations reduce the chance of errors;
  • Systematic checkpoints ensure your return is complete before submission; and
  • We receive your return sooner.
Expecting a refund? Processing may take 6-8 weeks.
We will begin processing returns February 4 to allow employers to meet the January 31 W2 submission deadline. Return and refund processing is expected to take 6-8 weeks from February 4 or the date you file, whichever is later. This allows time for the SCDOR to use all available tools to check for fraud and protect your refund. “We’re going to make every effort to issue refunds as quickly and securely as possible, so the right taxpayer ends up with the right refund amount,” said Powell.
Make sure you have all W2s, 1099s, and other withholding information before filing your return because year-end pay stub information may not match what your employer reports to the SCDOR. When the information you provide does not match your employer’s information, it slows down your return and refund.
Stay informed:
Find more resources for the tax season at dor.sc.gov/iit. Connect with us on Facebook and Twitter to stay up-to-date with the latest news, tax tips, and available taxpayer resources.

Tax season is here

December 30 2018

Despite the ongoing government shutdown, tax season is essentially upon us.  If not resolved, the shutdown could delay the official start of tax season, as defined by the date the IRS begins accepting and processing tax returns.

But even though the government may allow themselves to ignore their responsibilities, that privilege does not apply to me and you my friends.  So in the interest of helping you make sure you timely fulfill your tax filing obligations I call your attention to this list of items to bring to your tax appointment. It’s an oldie but a goody.

Otherwise there is not much more you can do right now.  However, you need to be aware that the TCJA (Tax Cuts and Jobs Act) has imposed substantial changes on the tax system.  Everything from the look of the tax forms to the way claiming your dependents impacts your refund has changed.  Almost everything will be different.  So if you are one of those people that just kind of copies everything from last years return onto the current years return, that won’t work this year.

We are here to help.  If you have any questions please do not hesitate to contact Tax On Wheels, LLC at 803 732-4288.  We will be glad to answer your questions free of charge.

SCDOR Offering Hurricane Matthew Tax Relief for Certain Taxpayers

October 12, 2016
The South Carolina Department of Revenue is extending certain South Carolina tax deadlines for taxpayers in counties declared a federal disaster area. Official information including tax types and deadlines will be outlined in a forthcoming SCDOR Information Letter. Affected counties include:
  • Beaufort
  • Berkeley
  • Charleston
  • Colleton
  • Darlington
  • Dillon
  • Dorchester
  • Florence
  • Georgetown
  • Horry
  • Jasper
  • Marion
  • Williamsburg
For More Information:
DOR Public Affairs Office
(803) 898-5773
As always, please feel free to contact Tax On Wheels, LLC at 803 732-4288 if we can be of assistance to you with this or any other tax matter.

Mark your calendar! The Sales Tax Holiday Weekend is coming up!

July 1, 2016
The 2016 Sales Tax Holiday Weekend begins Friday, August 5, 2016 and continues through Sunday, August 7. During this time, the 6% state sales and use tax and any local sales and use taxes will not be imposed on*:
  • clothing and clothing accessories (e.g., hats, scarves, hosiery, handbags)
  • footwear
  • school supplies (e.g., pens, pencils, paper, binders, notebooks, books, bookbags, lunchboxes, calculators)
  • computers and computer software
  • printers and printer supplies
  • bath washcloths, bath towels, shower curtains, bath rugs and mats
  • blankets, bed spreads, bed linens, sheet sets, comforter sets
  • pillows and pillowcases
Sales Tax Holiday Resources

*The list above is not comprehensive. For a more detailed list of exempt items, please see SC Revenue Ruling #10-7 provided above.

Tutorial on the basics of South Carolina taxation

The South Carolina Department of Revenue has published on its website a basic tutorial on South Carolina taxation.  For the do it your selfer or those new to South Carolina taxation, this could be a very useful tool to help you complete your tax return.

The tutorial can be found here

Of course, for those who prefer to have someone else prepare their tax return, Tax On Wheels, LLC is available year round to assist you. We can be reached at 803 732-4288.

South Carolina flood delayed returns are due soon

January 15 2016

South Carolina taxpayers impacted by the October 2015 floods were offered an extension for returns and payments due between October 1, 2015 and February 16, 2016. The February 16 deadline is approaching.

Flood related disaster information may be found on the South Carolina Department of Revenue web site

Please feel free to contact Tax On Wheels, LLC at 803 732-4288 if you need assistance.

South Carolina Department of Revenue offers flood victim relief

10/9/2015

The South Carolina Department of Revenue has issued notice that it will provide relief to taxpayers affected by the recent flood disaster event.  The state promises to essentially mirror the relief provided by the federal government.

Here is a link to a PDF document discussing this relief.

Please feel free to contact Tax On Wheels, LLC at 803 732-4288 if we can be of assistance to you in any matters regarding the South Carolina Department of Revenue.

 

Is same sex marriage now legal in South Carolina?

October 6, 2014

The United States Supreme Court announced today that it has declined to intervene in a few same sex marriage cases that came before it.

The supreme court’s refusal to hear the state of Virginia’s appeal of a court ruling allowing same sex marriages means Virginia must recognize same sex marriage.  Since South Carolina is in the same circuit and bound by the same rulings does this mean same sex marriage in South Carolina is now likely to be confirmed in short order.

We will have to wait for the legal scholars to weigh in on this case but it sure looks like same sex marriage has arrived in South Carolina.  And if so, does that mean South Carolina taxpayers who are in a same sex marriage may now file joint tax returns for South Carolina tax purposes.

You may recall that the South Carolina Department of Revenue promulgated procedures for same sex couples who are in federally recognized same sex marriages, and therefore able to file a joint federal tax return, to bifurcate their tax returns for state taxation purposes thereby removing the joint filing status for state purposes.  It now appears to me that this procedure is no longer constitutionally kosher.

Stay tuned!

 

Sales tax free weekend in South Carolina this Friday thru Sunday

This weekend, the 6% state sales and use tax, and any applicable local sales and use tax, will not be imposed on clothing, clothing accessories (e.g., hats, scarves, hosiery, and handbags), footwear, school supplies (e.g., pens, pencils, paper, binders, notebooks, books, bookbags, lunchboxes, and calculators), computers, printers and printer supplies, computer software, and bath wash clothes, blankets, bed spreads, bed linens, sheet sets, comforter sets, bath towels, shower curtains, bath rugs and mats, pillows, and pillow cases.

The sales tax holiday, however, does not apply to sales of jewelry, cosmetics, eyewear, wallets, watches, furniture, rental of clothing or footwear, items for use in a business, or items placed on layaway or similar deferred payment and delivery plans.

This may or may not be the best time to purchase your back to school items.  Some retailers may not put the best prices on their wares this weekend, relying instead on the feeding frenzy that is sales tax free weekend to drive sales.  Once the sales taxes are back in place, retailers have to once again compete for your business by giving you the best price.

However, tax free weekend may be an excellent time to purchase products that have their prices set on a nationwide basis, such as computers or other goods purchased online.  Next weekend, after the sales tax holiday has ended, may produce better overall prices as retailers seek to sell their remaining inventory but the selection may be limited as items may be picked over at that point. The trick is to know the true cost of your intended purchase and only buy if its a good deal or you are not really concerned about getting the best possible price.

Remember, if your goal is to get the best possible price, avoiding sales taxes may not be the best way to get there.  If you end up having to pay sales taxes but still get a lower overall price, that, my friends, is still a victory in the retail wars.

Happy shopping!