COLUMBIA, S.C. – Tax Time Tips for Everyone!
Hey there, Columbia! Can you believe it? Tax season is just around the corner, and even though we just flipped the calendar to 2024, the South Carolina Department of Revenue (SCDOR) is already gearing up for those pesky tax returns. With a little over a year before the 2025 tax season kicks off, officials are urging everyone to start planning now to save yourself some time and cash when it comes to filing your taxes.
Why the Rush? A Lesson from Last Year
Before we dive into the tips, let’s take a moment to grasp why this is so important. Did you know that Americans lost an astounding $5.5 billion to tax fraud in 2023? Scary, right? This is exactly why getting organized is key to safeguarding your return and ensuring it accurately reflects your financial situation. The SCDOR is dedicated to making sure your tax returns are checked and verified to come straight from you, and not a fraudster trying to cash in on your hard work.
Get Ready with These 10 Handy Tax Tips
The SCDOR has laid out 10 essential tips to help both individuals and tax professionals prepare adequately for tax season:
- Mark Your Calendar: Tax returns are due on May 1, 2025. This extension comes as a relief following Hurricane Helene, so don’t miss it! Just double-check if you have to file in another state because they might still expect it on the traditional April 15 deadline.
- Stay Organized: Collect all documents affecting your returns before you hit that “file” button. Store everything in one easy-to-reach place.
- Hold onto Your W-2s: Don’t rush to file with just your year-end pay stub. It might not match what’s on your W-2, leading to delays. Patience pays off—wait for your W-2!
- Go Digital: Choose an online filing option. It’s generally faster, simpler, and much safer than mailing in a paper return. Plus, your e-filing provider keeps records safe and sound.
- Understand MyDORWAY: Owing a balance? Familiarize yourself with MyDORWAY. You can pay your due balance easily after filing without needing an account at dor.sc.gov/pay.
- Update Your Address: This is crucial! Whether it’s a refund or a notice, you want the SCDOR to have the latest info. Log into your MyDORWAY account or use the SC8822I form to manage your address.
And for the Tax Pros!
Tax professionals have a separate set of tips to consider:
- Renew Your PTIN: If you’re prepping taxes in the coming year, don’t forget to renew your IRS Preparer Tax Identification Number (PTIN) by December 31, 2024. It’s a quick process that usually takes about 15 minutes for just $19.75!
- Protect Client Information: Be sure to revoke any power of attorney or third-party authorization forms for past clients. This keeps taxpayer records safe and sound.
- Encourage Direct Deposit: Advise your clients to opt for SCDOR’s direct deposit refund option. It’s a quick and easy way to get their funds back, and make sure they select it before submitting returns!
Need More Help?
If you’re feeling a little lost or overwhelmed, don’t sweat it. The SCDOR has tons of resources available, including helpful tutorials and articles, so you can tackle tax season like a pro. You can even check their YouTube channel for 24/7 assistance.
So, Columbia, start prepping, stay organized, and remember that knowledge is power when it comes to handling those numbers. Happy tax season!
