March 30, 2016

The New York State Department of Taxation and Finance, and the New York Department of State’s Division of Consumer Protection, are highlighting five ways that the seven million New Yorkers who receive tax refunds can make smart decisions with their money.

• Save–Use your tax refund to bolster your emergency savings. This could help you avoid credit card debt and resulting interest payments if something unforeseen happens. Financial experts suggest having at least three months’ worth of savings to cover all your fixed expenses, such as mortgage or rent, utilities, food, and insurance.
• Maintenance–If you’ve never had the extra money to build that new deck or put in those new kitchen cabinets that you’ve always wanted, now might be the time. In addition to improving the look and functionality—and possibly increasing the overall value—of your home, many home improvements qualify for tax benefits as well. Any project considered a capital improvement is exempt from sales tax.
• Avoid debt–Your tax refund can put a sizable dent in—or even erase—your credit card debt. If you pay it off now, you won’t continue to pay interest charges. Your tax refund can also help to pay off your student loans earlier.
• Retirement planning–Investing your tax refund now for the future is smart financial planning. There are many ways to save for retirement, including adding your refund money to your 401(k). If your employer doesn’t offer a 401(k) option, then consider opening an IRA. The sooner you start saving for retirement, the more time your money has to grow.
• Training–To earn that promotion or switch career paths you often need additional training and education. You can spend your tax refund on college courses to help you in your career. You could also invest in a 529 College Savings Plan to help pay for your child’s future education.

“There’s no harm in treating yourself, of course—you’ve earned it!” says New York State Commissioner of Taxation and Finance Jerry Boone. “But making a smart decision now can help pave the way to a better financial situation down the road.”

“Foresight and education are keys to being a smart consumer,” said Acting Secretary of State Rossana Rosado. “These suggestions provide New Yorkers with some of the options available to help them secure a better financial future.”

For more information contact Tax On Wheels, LLC at 803 732-4288

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.

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.

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.

November 20, 2014

Who would have thunk it?  Not so long ago it seemed like South Carolina would be the last state in the union to recognize or allow same sex marriage.  Now it won’t be long before we wonder what all the fuss was about.

According to news reports, the first same sex marriage in South Carolina occurred Wednesday morning in Charleston.  And now it is off to the races with the US Supreme Court declining to intervene in an appeal from the the state to stop same sex marriage.

We congratulate all those same sex couples who are now able to obtain the protections and benefits afforded under the law to married couples.  However, we also caution you that marriage is a two sided sword and can just as easily work against you if the marriage dissolves.  So go in with your eyes open and learn to protect yourselves.

Marriage opens up a long list of options not available to unmarried individuals from hospital visitation to social security benefits to estate planning.  So regardless of your particular perspective, we look forward to helping the good people of South Carolina sift through their options as the newly acquired constitutional rights of same sex couples are now allowed to coexist in harmony with the rights of everyone else.  Please feel free to call us at 803 732-4288 if we can be of assistance to you.

October 22, 2014

Moneyrates.com ranked all 50 states on their potential to provide a good experience for retirees.  South Carolina came in number 16, Alaska came in last place, Hawaii came in first place despite their high cost of living.

The rankings considered factors such as the senior population, economics, crime, weather and life expectancy.

Want to see how your state stacks up against the competition?  Click here to read the original article which only has the 10 best and 10 worst states but the full list is located here.

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!

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!

Columbia, SC (January 28, 2014) — The SC Department of Revenue (SCDOR) is reminding taxpayers that the 2014 individual income tax filing season opens Friday, January 31, 2014.

In accordance with the Internal Revenue Service, SCDOR will begin to accept electronic or paper individual income tax returns this Friday.

SCDOR encourages taxpayers to file their income tax returns electronically as it is not only beneficial to the taxpayer, but to the state as well due to the efficiency in processing times. Electronic filers may receive a refund in as little as 10 days, as compared to those who file a paper return, which could take an average of three weeks to receive a refund.

Whether filing electronically, via paper, or fillable form, taxpayers have three options for receiving a tax refund: direct deposit, prepaid debit card, or paper check. Direct deposit is the preferred method by DOR.

To learn more about filing your taxes electronically, or to check on the status of your refund, visit www.sctax.org or call the individual income tax section of SCDOR at (803) 898-5000.

Also, please feel free to contact Tax On Wheels, LLC at 803 732-4288 if you need any assistance with state for federal tax issues.