‘That’s gone’: Changes coming to SC taxes this year
CHARLESTON, S.C. (WCSC) - The deadline to file your taxes is still months away, but it is not too early to get started.
The IRS says there are benefits to filing your taxes early, such as avoiding penalties, protecting your credit score and avoiding losing refunds in the future.
They also say taxpayers should be prepared to see smaller refunds this year. That is because of the end of stimulus payments.
Certified Public Accountant Thomas Spade says earned income tax credit for single unmarried people without children is now capped at $500, and with COVID-19 stimulus packages ending, parents will no longer see $3,000 per child claimed.
“That’s gone; it went back to what it was before 2021,” Spade says. “It’s now capped at 2,000 dollars per child. And only $1500 of it can be used to generate a refund.
Spade says there is good news for South Carolina retired Veterans; they are no longer required to pay state income tax as of the 2022 year.
Also, the South Carolina Department of Revenue is issuing a second round of rebates. To be eligible for the rebate, you must file your 2021 South Carolina Individual Income Tax return by Feb. 15 to receive your rebate in March 2023. If you already filed your 2021 South Carolina Individual Income Tax return by Oct. 17, 2022, and were eligible, you already received your rebate.
For information on the rebates, click here.
Tax Day will take place this year on April 18.
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