Tax Season Tips from the Heart of South Carolina
COLUMBIA, S.C. (WOLO) – With the new year just around the corner, it’s time to start thinking about tax season! Yes, we know, taxes might not be the most exciting topic at a holiday gathering, but the Department of Revenue (SCDOR) wants to give you the inside scoop on how to prepare before you dive into filing your 2025 tax return.
Believe it or not, folks across the nation lost an eye-watering $5.5 billion to tax fraud in 2023! That hefty sum makes it clearer than ever that we’ve got to be vigilant. SCDOR is committed to ensuring that your tax return is filed accurately, and that it really comes from you—no imposters allowed!
Here are 10 handy tips to make your tax season smoother:
- Mark Your Calendar: Returns Are Due May 1 – Thanks to relief efforts after Hurricane Helene, South Carolina Individual Income Tax returns aren’t due until May 1, 2025. But don’t forget, if you have to file in another state, their deadlines may still stick to that traditional April 15 due date.
- Get Organized: Collect and Store Your Documents – Before you even think about filing, gather all relevant documents that will impact your tax return. This includes W-2s, 1099s, receipts, and anything else that might affect your numbers. Keep it all in one easy-to-find spot!
- Wait for the W-2: Don’t File Using Your Pay Stub – That end-of-year pay stub may look tempting, but wait until you get your official W-2. Using your pay stub might slow down processing and keep your hard-earned refund waiting a bit longer.
- Ditch the Paper: Go Electronic – Filing online is not only quicker, but it also provides more security and ensures you have a record of your state and federal returns at your fingertips. Check out which online filing method is right for you at dor.sc.gov/iit-filing.
- Got a Balance Due? Learn About MyDORWAY – After filing, if it turns out you owe a balance, don’t sweat! MyDORWAY makes it easy to pay without needing to create an account. Head over to dor.sc.gov/pay for easy payment options.
- Keep Your Address Updated – This is crucial! Even if you’re expecting a direct deposit refund, it’s essential that SCDOR has your current address on file, just in case they need to reach out to you regarding your return. If you have a MyDORWAY account, simply log in, click on the More tab, and choose Manage Names & Addresses. No account? Just use the SC8822I form!
Advice for Tax Professionals:
- Renew That PTIN! – If you’re a tax preparer, do not forget to renew your IRS-issued Preparer Tax Identification Number (PTIN) by December 31, 2024. It’s quick and costs only $19.75. Get started at irs.gov/PTIN.
- Revoke Old Authorizations – Make sure to revoke power of attorney or third-party authorization forms for past clients to help keep their tax records secure.
- Encourage Direct Deposit – Help your clients opt for the SCDOR’s direct deposit refund option. It’s the fastest way for them to get their money back. Make this a discussion point before submitting their returns.
For even more information and ongoing assistance, make sure to check out resources on the SCDOR’s YouTube channel, along with their Tax Tips articles available 24/7.
So there you have it! With a little bit of planning and the right mindset, you can breeze through tax season like a pro. Happy filing, South Carolina!