With the holidays behind us, it’s now that time of year when we have to start thinking about income taxes and the looming April 15 deadline. As you calculate your expenses and check the retirement plan contribution, don’t forget that the state of South Carolina may offer some relief in the way of tax credits.
Our state does a good job of offering a wide range of tax credits for both individuals and small businesses. The entire list of tax credits offered by our state may be found at www.scdor.com; however, I wanted to highlight a few of the most popular.
1) Tuition Tax Credit: There is a worksheet you will need to fill out to ensure your eligibility, but once you are past that stage, you can receive a credit of up to $850 per tax year at a qualifying educational institution. (Source DOR)
2) Accelerated Small Business Jobs Credit: This credit is for any qualifying small business that creates two or more full-time positions. (Source DOR)
3) Certified Historic Residential Structure Credit: If you live in a qualifying historic home, the state provides this credit that will reward you for maintaining and preserving your residence by reimbursing you 25 percent of the costs of many expensive repairs and renovations. (Source DOR)
4) Health Coverage Tax Credit: If you had a Health Insurance Policy from a company that pulled out of the state of South Carolina, you may qualify for this credit. (Source DOR)
Now, some full disclosure here: I am neither a tax specialist nor a tax preparer, so please consult your own tax consultant before deciding whether to employ these credits. What I do is make sure people have the necessary tools and information to successfully manage all of their assets. I understand that people have worked hard and made many sacrifices in order to achieve their success, and I want to work with them to protect and grow their assets.
Jeff Herman, a 25-year veteran of the financial services industry, is an Equity Partner with Wagner Wealth Management. He can be reached by email at Jeff@wwmadvisors.com. Securities offered through Triad Advisors, Member FINRA/SIPC. Advisory Services offered through Wealth Management Advisors. Wealth Management Advisors is not affiliated with Triad Advisors.