Some SC taxpayers have ways to get more money back this year. Here’s how and if you qualify
This could be a more lucrative tax year for some South Carolina residents.
According to the South Carolina Department of Revenue, some South Carolina residents have the chance to save more money this year through new changes to several taxpayer exemptions and deductions.
Both the SCDOR and the IRS began accepting 2024 income tax returns on Monday. The filing deadline for both federal and state returns is set for May 1, due to relief granted in October because of Hurricane Helene.
Below are updates to exemptions and deductions that could help some South Carolina taxpayers save more money this year.
Dependent exemption increase
If you plan to file any dependents on your taxes this year, then you’re in luck.
The exemption amount is $4,790 for tax year 2024, up from $4,610. The exemption is allowed for each eligible dependent, including both qualifying relatives and qualifying children, the SCDOR states.
Income tax rate reduction
The top marginal rate for 2024 is 6.2%, down from 6.4%, the SCDOR states. To determine your rate for the year, click here.
Deduction increases
There are two deductions that have doubled for tax year 2024.
- The subsistence allowance deduction has increased to $16 from $8 for each regular workday for police and commissioned law enforcement officers, full-time firefighters and full-time emergency medical service workers. You must claim the deduction on line ’S’ of your Individual Income Tax return.
- The volunteer deduction has increased to $6,000 from $3,000 for qualifying volunteer firefighters, rescue squad workers, Hazmat team members, reserve police officers and others. You must claim the deduction on line ‘J’ of your Individual Income Tax return.
For full details on how you may be eligible for other deductions and exemptions this year, click here.
Tax filing tips
- Collect any document you need before you start the tax filing process. Store them all in one place, including W-2 and 1099 forms and transcripts of past returns, which you can access here.
- Wait until you get your W-2 before you file. If you file using a year-end pay stub, that could slow down processing and delay your refund.
- If you owe a balance, pay electronically here. You can find tutorials that will help you through every step here.
- Be sure to update your address with the SCDOR by logging into MyDORWAY, clicking the ‘more’ tab and selecting manage names and addresses. Those without a MyDORWAY account can use this form.
- Update your address with your employer before they send your W-2 and 1099 forms.
