Get Rental Surcharge Return St-394 - The South Carolina Department Of ... - Sctax

Filling out the Rental Surcharge Return ST-394 is an essential task for rental companies in South Carolina. This guide will provide clear, step-by-step instructions to ensure that users can successfully complete the form online, facilitating compliance with state tax regulations.

Follow the steps to fill out the form correctly.

1. Click ‘Get Form’ button to obtain the form and open it in your editing tool.
2. In the 'Period Covered' section, specify the rental period for which you are reporting. This typically spans from January through December of the previous year.
3. Enter your retail license number in the designated field, ensuring it is accurate, as this identifies your business.
4. Fill in your name and address as the taxpayer, confirming all information is correct for proper processing.
5. Input your FEI number, which is necessary for tax identification purposes.
6. For the section on private passenger motor vehicles and rental vehicles, enter the total of all rental agreements made during the reporting period in line 1.
7. In line 2, select the appropriate surcharge rate for your rentals—5% for private passenger vehicles. Multiply this rate by the total from line 1 to calculate the rental surcharge due, which you will enter in line 3.
8. Deduct the total amount of South Carolina property tax paid during the reporting period for these vehicles in line 4.
9. Calculate the net taxable due by subtracting line 4 from line 3 and enter the result in line 5. If the result is zero or negative, enter zero.
10. Now, repeat a similar process for heavy equipment. Enter the total of rental agreements for heavy equipment in line 6 and apply the 3% surcharge rate in line 7.
11. Enter the rental surcharge for heavy equipment in line 8. Deduct any property tax paid on this equipment in line 9.
12. Calculate the net taxable due for heavy equipment in line 10 by subtracting line 9 from line 8. As before, if it is zero or negative, enter zero.
13. Add the totals from lines 5 and 10 and enter the final amount in line 11. Ensure this is accurate as it represents your total net taxable due.
14. Review your entries for any errors, and once satisfied, save the document, and consider downloading or printing it for your records.

Complete your Rental Surcharge Return ST-394 online to ensure timely compliance with South Carolina tax regulations.