With tax season just around the corner, here are a few things you may not know about, particularly if you are new to South Carolina.
1) If you just moved to South Carolina in 2015, did you know that South Carolina does not have a “Part-Year Resident” filing status? You are allowed to choose whether you are taxed as a Resident or a Non-Resident for the entire year of your move. Deciding which to choose does involve some extra calculations, but can result in significant savings.
2) Hate those awful Wind and Hail and Flood Insurance Bills? South Carolina allows a tax credit of up to $1,250 if your total payments for Property and Casualty Insurance exceed 5% of your Adjusted Gross Income. (Excess Insurance Premium Credit – SC SCH.TC-44).
3) Want to put money away for your grandchildrens’ – or anyone else’s education? Check out the South Carolina “Future Scholar” 529 plan. It is more generous than may other states’ plans, both in the amount you can put away and the amount you can take as a state tax deduction.
4) Just turned 65? If you are 65 and have been a South Carolina legal resident for at least a year, the first $50,000 of the assessed value of your primary residence is exempt from property tax. (Homestead Exemption).
As they always say, be sure to consult your tax advisor about these matters, but please be aware that if you are still using someone from out-of-state, he or she may not be familiar with these South Carolina issues!
Tidelines Editor