COLUMBIA, S.C. – Get Ready for Tax Season with These Handy Tips!
As we step into the new year, tax season is just around the corner, and it’s time to get smart about our finances! With only a few weeks left until tax filing kicks off, the South Carolina Department of Revenue (SCDOR) is stepping in to help make this process as smooth as possible. They’re sharing some top tips for individuals and tax professionals alike to prepare for the 2025 tax season.
Why You Should Start Preparing Now
Believe it or not, starting your tax preparation now could save you both time and money when the clock is ticking down to the filing deadline. According to the IRS, an astounding $5.5 billion was lost due to tax fraud in 2023! That’s a staggering amount that nobody wants to contribute to, which is why the SCDOR is making it a priority to remind folks to be organized and vigilant.
Important Dates to Remember
First things first, if you’re filing your South Carolina Individual Income Tax returns, you need to note that they are officially due on May 1, 2025, thanks to relief granted following Hurricane Helene. Keep in mind, if you’re filing for another state, you may still need to meet the traditional April 15 deadline for those returns!
10 Tips to Make Tax Season a Breeze
Here are some handy tips straight from the SCDOR to help you tackle tax season with confidence:
- Get Organized – Gather all your documents that will affect your return and keep them in one spot.
- Wait for Your W-2! – Do not file your return using your year-end pay stub. It might not match what’s reported on your W-2 and could cause delays.
- Go Electronic – Electronic filing is the way to go! It’s faster, easier, and more secure compared to paper filing. Plus, your provider keeps a record of your submissions.
- Know MyDORWAY – If you owe any taxes, familiarize yourself with the MyDORWAY system to pay your balance without needing to create an account.
- Update Your Address – Ensure that your address is current with the SCDOR, especially if you’re expecting a refund. Notifications are sent to the address they have on file.
Helpful Tips for Tax Professionals
Tax professionals, there are some crucial steps for you, too:
- Renew Your PTIN – If you’re preparing taxes in 2025, don’t forget to renew your IRS-issued Preparer Tax Identification Number (PTIN) by December 31, 2024. It’s quick and only costs $19.75.
- Protect Your Clients – Be sure to revoke power of attorney or third-party authorization for former clients to safeguard their records.
- Encourage Direct Deposit – Recommend that clients opt for the SCDOR’s direct deposit refund option when filing their returns to speed up the process.
Resources and Assistance
Need more help? Check out the SCDOR’s YouTube channel or Tax Tips articles for round-the-clock support. They’ve made it easy to get the information you need to file efficiently.
Wrapping It Up
Tax season doesn’t have to be a headache. With these simple guidelines from the SCDOR, you can glide into the filing period with confidence! So let’s roll up our sleeves, get organized, and make this tax season a breeze!
