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Other IIT Topics

 

Other Individual Income Tax Topics


Tax Credits

South Carolina has a number of income tax credits, some of which include:

  1. A two-wage earner credit allows a maximum credit of $210 if both spouses work.
  2. A nursing home credit allows a maximum credit of $300 for payments made to a nursing home for the care of yourself or another individual.
  3. A credit is allowed for income taxes paid to another state on income earned in the other state and taxed by both states.
  4. A child and dependent care credit allows you to claim 7% of your allowable federal expenses for the care of a child or an elderly person, if that care is necessary for you to work.

A complete listing of the available income tax credits can be found in the South Carolina Tax Incentives for Economic Development publication beginning on page 132.

Estimated Tax Payments

Declaration of estimated tax is the method you use to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, capital gains and prizes. You may also have to pay estimated tax if enough tax is not being withheld from your salary, pension or other income. Generally, you should make estimated tax payments if you figure your estimated tax liability will be $100 or more. If your estimated tax liability will exceed $100, you must pay in at least 90% of the tax to be shown on your current income tax return or 100% of the tax shown on your last year's income tax return, whichever is less.

The 100% rule is modified to be 110% of last year's tax liability for an individual with an adjusted gross income of more than $150,000 as shown on the return for the preceding tax year.

IRS Frequently Asked Questions

 

 

 




     
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