Charleston Currents

FOCUS: Tips on tax day if you can’t afford to pay now

Staff reports | State and federal individual income taxes are due today, a month after the regular deadline thanks to the pandemic. But what do you do if you can’t afford to pay right now? The S.C. Department of Revenue (SCDOR) says there are options:

First, the IRS advises, don’t panic. Both the IRS and the SCDOR offer payment plans that may be available to you.

Second, here’s what the agencies say not to do:

* Do not delay filing your return on time. Filing your return on time will reduce the amount of penalty and interest you will owe, which is added based on the amount of tax not paid by the due date (which is May 17 this year).

* Do not believe paying installments to the SCDOR and the IRS is your only choice. Weigh your options. …

by Charleston Currents · 05/17/2021 · Comments are Disabled · Good news, News

BRACK: No halfway needed on tax reform

By Andy Brack, editor and publisher | The newly-found political buzzphrase among the South Carolina legislative class is “tax reform.”

Suddenly, after years of hemming and hawing about doing something about the hodge-podge of laws that make up the state’s tax code, there’s a little juice to do something real to stabilize the tax structure and, we hope, make it a little bit fairer up and down the line.