From January through April 29, more than 2.2 million state Individual Income Tax returns were filed in South Carolina. Approximately 95% of returns filed by that date were filed electronically.
More than 61,000 taxpayers requested an extension to file their return until October 17.
While you may not want to think about your taxes again until next year, the IRS and the South Carolina Department of Revenue (SCDOR) have a few tips to help make next year’s filing easier.
Review the following information to save money and avoid headaches when you file your tax return in 2023:
- Notify the IRS and the SCDOR if your address changes since you filed your return this season, and notify the Social Security Administration of a legal name change.
- Consider adjusting your withholding if you owed taxes or received a large refund this tax season. Changing your withholding can help you avoid a tax bill or let you keep more money each payday. Life changes – getting married or divorced, welcoming a child, or taking on a second job – may also mean changing withholding. The sooner you make that change the less money you may owe next year. Large refunds mean you’re letting the government hold your money for a year.
- Consider making quarterly estimated tax payments, if you receive a substantial amount of non-wage income like self-employment income or investment income.
- See if you can claim any state tax credits or deductions that you did not claim this year. Start collecting the necessary documents now that will help you claim the credit next year, especially the Motor Fuel Income Tax Credit which increases for the last time next year.
- Review your refund options, and get set up to choose direct deposit if needed. Direct deposit is the fastest way to get your refund. You need a bank account so your refund can be deposited directly to your account, giving you the fastest access to your money. Direct deposit is secure, quick, and accurate.