CHARLOTTE, N.C. — South Carolina's Department of Revenue announced it will begin accepting 2023 individual income tax returns on Jan. 29, and there are three changes you need to know about before filing.
First, South Carolina state income tax rates for top earners max out at 6.4%. There's also been an increase for the earned income tax credit. For this tax year, the credit is equal to 125% of the federal credit allowed. Eligible full-year residents can get the money as long as you also claim the federal credit.
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Married couples who are filling jointly who earn up to $50,000 are eligible for a $350 two wage earner credit.
South Carolina also says you can expect an increase in the exemption for claiming dependents. This year's amount is $4,610. South Carolina residents are allowed this exemption for each eligible dependent, including qualifying children and relatives.
South Carolina will begin processing tax returns on Feb. 5. The deadline is Monday, April 15. According to the South Carolina Department of Revenue, over 93% of income tax returns were filed electronically last year, with nearly 90% of refunds being issued through direct deposit.
Click here for a complete list of tax-filing resources in South Carolina, and click here for North Carolina income tax resources.
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