Get Ready for Tax Season: Essential Tips to Save Time and Money

COLUMBIA, S.C. – Get Ready for Tax Season With These Handy Tips!

Hey there, folks! Can you believe the new year is just around the corner? With tax season looming, the South Carolina Department of Revenue (SCDOR) is stepping up to help you navigate the not-so-fun world of filing taxes. That’s right, the countdown to the 2025 tax season has officially begun, and starting now could save you both time and money as you prepare to file your returns.

According to recent stats, tax fraud is a big issue, costing Americans a staggering $5.5 billion in 2023 alone. Yikes! That’s why the SCDOR wants to remind everyone to be vigilant and organized when preparing those returns. Here are 10 helpful tips that can make a world of difference, whether you’re a tax professional or an individual taxpayer.

1. Mark Your Calendar: Returns Are Due May 1

Here’s a crucial date for your calendar—thanks to relief efforts stemming from Hurricane Helene, individual income tax returns in South Carolina are due on May 1, 2025. However, if you’re also filing in other states, don’t forget to check the regular deadline of April 15.

2. Get Organized!

Before you dive into filing, gather all necessary documents that could impact your return and keep them together. This includes W-2s, 1099s, and any deduction records. Trust us, being organized can save you from a last-minute scramble.

3. Hold That Pay Stub!

Thinking of filing with a year-end pay stub? Think again! Your pay stub may not reflect your final earnings, which can lead to delays. Be patient and wait for your W-2 before hitting that submit button.

4. Go Digital with Your Filing

Looking for a faster and easier way to file? Consider using an online filing method. It’s more secure and keeps a record of your state and federal returns—all in one place! Check out dor.sc.gov/iit-filing to find the best options for your needs.

5. MyDORWAY – Your Go-To Resource

If you think you might owe money after filing, get familiar with MyDORWAY. You can pay your balance without the hassle of creating an account. Tutorials are available at dor.sc.gov/MyDORWAY to guide you through the process!

6. Update Your Address!

If you’ve moved recently, be sure to update your address. This is essential, even for direct deposit refunds. Keep your info current to avoid missed notices from the SCDOR.

7. Tax Professionals, Renew Your PTIN

If you’re planning to hang out your shingle as a tax preparer next year, don’t forget to renew your IRS-issued Preparer Tax Identification Number (PTIN) by December 31, 2024. The process is quick and usually takes about 15 minutes to complete!

8. Safeguard Your Clients’ Records

Tax pros, remember to revoke any power of attorney or third-party authorization forms for former clients. This is essential to keeping their information secure.

9. Encourage Direct Deposit

Advise your clients to choose the SCDOR’s direct deposit option for their refunds. It’s the fastest way to get back what’s owed to them!

10. Stay Informed

Want more tips and tricks? Be sure to check out the SCDOR’s YouTube channel and read up on their tax tips articles for 24/7 assistance. They’ve got your back this tax season!

So there you have it! Get a head start, stay organized, and make use of these tips to make tax season a breeze. Remember, being prepared is half the battle. Happy filing!