Consider these often overlooked SC Income Tax credits when filing your Individual Income Tax return next year
September 19, 2023
What you need to know:
- As taxpayers begin to prepare for the 2024 filing season, they should learn more about several often overlooked tax credits that they may be able to claim on their 2023 returns.
- Those credits include the Residential Retrofit Credit, available to individual taxpayers who retrofit their legal residence to be more resistant to hurricanes, floods, or catastrophic wind damage, and the Excess Insurance Premium Credit, available for those who pay residential property and casualty insurance premiums in excess of 5% of their adjusted gross income.
- Individuals who pay for nursing facility level of care for themselves or another individual can claim the Nursing Home Credit, for up to $300.
South Carolina offers 58 Individual Income Tax credits, each with its own eligibility requirements, amounts that can be claimed, and other characteristics. Those credits vary by popularity, but some of the often overlooked credits may lower the tax liability for eligible taxpayers.
As you start to plan for next year’s tax season, the South Carolina Department of Revenue (SCDOR) wants you to know about some of the lesser-used and lesser-known nonrefundable credits that you may be eligible to claim. If you’re eligible, you may be able to lower your tax liability thanks to these credits:
Read the full release here or view all SCDOR Tax Tips.
