South Carolina State Tax: What You Need to Know
If you live in South Carolina or earn income in the state, understanding South Carolina state tax laws is crucial for managing your finances efficiently. Whether you're a resident, a business owner, or a new taxpayer, this guide will break down everything you need to know about South Carolina state tax, including income tax rates, sales tax, and property tax.
South Carolina State Income Tax
South Carolina has a progressive income tax system, meaning tax rates increase as income rises. The state offers tax brackets, ranging from 0% to 6.2% for the 2024 tax year. Source.
South Carolina offers a standard deduction similar to the federal tax system and allows deductions for retirement income, Social Security benefits, and military pensions.
Does South Carolina have State Income Tax.
Yes, currently the state has income taxes ranging from 0% to 6.2%. The rate you pay will depend on your income.
South Carolina Sales Tax
The base sales tax rate in South Carolina is 6%, but local counties can impose an additional 1% in local taxes. Some key points about South Carolina’s sales tax. To learn more about the South Carolina Sales Tax click here.
South Carolina Property Tax
Currently in 2024, Your primary residence taxed at a 4% assessment ratio, while rental and commercial properties are taxed at 6%. Source.
Property taxes vary by county, so it's important to check your local rates.
South Carolina Corporate Tax
South Carolina’s corporate income tax rate is 5%.
Filing South Carolina State Taxes
You can file your South Carolina state taxes online using the South Carolina Department of Revenue (SCDOR) website or through a third-party tax software.
Conclusion
Understanding South Carolina state tax laws can help you maximize deductions and stay compliant with tax regulations. Whether you're an individual taxpayer or a business owner, knowing your tax obligations can save you money and prevent penalties.
Get CPA Tax Assistance Today
If you're looking for expert wealth management and tax planning services in Spartanburg, SC, Intellivest Wealth Management and Troy Turner CPA are here to help. Contact us today to schedule a consultation and take control of your financial future.
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Disclosure
IntelliVest Wealth Management is a Registered Investment Advisor Headquartered in Spartanburg South Carolina. This is not a solicitation or financial advice. Please note that this information may not be accurate as changes to laws and regulations change from day to day. This article should only be used for educational purposes. Please consult with IntelliVest Wealth Management about your personal financial situation.
Tax Services are provided by The Tax Accounting Group. IntelliVest Wealth Management is not responsible for tax services. IntelliVest Wealth Management and The Tax Accounting Group have chosen to partner together to help clients achieve their financial goals.
