South Carolina Income Tax Forms Rates & Services

The following items may be deducted from your federal taxable income for South Carolina purposes:

• Income from an out-of-state business if included on your federal return
• Interest income from U.S. obligations
• A deduction of up to $10,000 for income derived from qualified pension plans, depending upon the taxpayers age
• Income received for weekend drills and customary training periods when serving in the military reserves or National Guard (pay for tours of active military duty is not deductible)
• Disability retirement income received due to permanent and total disability
• Taxable Social Security benefits included in total income on the federal return
• 44% of net capital gains with a one year holding period
• State tax refund, if included in income on your federal return
• A deduction of up to $15,000 for resident taxpayers age 65 and over
• A deduction for each dependent claimed on your federal return who has not reached the age of six on December 31 of the tax year (the deduction is 100% of the federal personal exemption)

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

• A two-wage earner credit allows a maximum credit of $210 if both spouses work.
• 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.
• A credit is allowed for income taxes paid to another state on income earned in the other state and taxed by both states.
• 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.

Other Helpful Links:
South Carolina Department of Revenue: http://www.sctax.org/default.htm
South Carolina Tax FAQ’s: http://www.sctax.org/Tax+Information/Individual+Income+Tax/indfaq.html
South Carolina Tax Forms: http://www.sctax.org/Tax+Information/Individual+Income+Tax/Forms.htm
Internal Revenue Service: http://www.irs.gov/

Liberty currently has 67 offices in South Carolina to suit all your tax preparation needs. We're becoming known for our customer service throughout the country. We treat our customers as number one, and we guarantee our service 100%.

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