Get SC DoR SC1120 2014

The State of South Carolina recognizes the Federal tax extension (IRS Form 4868). If you have a valid Federal extension and you expect a South Carolina tax refund, you will automatically receive a South Carolina extension for the same period of time.

The State of South Carolina recognizes the Federal tax extension (IRS Form 4868). ... A tax extension gives you more time to file, but it does not give you more time to pay. In order to be approved for a state extension, at least 90% of your South Carolina tax must be paid by the original due date (April 15).

The State of South Carolina recognizes the Federal business extension (IRS Form 7004). If you have a valid Federal extension and you owe zero South Carolina tax, you will automatically receive a South Carolina extension for the same period of time.

Extended Deadline with South Carolina Tax Extension: South Carolina offers a 6-month extension, which moves the filing deadline from April 15 to October 15 (for calendar year filers). South Carolina Tax Extension Form: To request a South Carolina extension, file Form SC4868 by the original due date of your return.

$12,000 for single filers and those married filing separately. $18,000 for those filing as head of household. $24,000 for married couples filing jointly and qualifying widow(er)s.

The federal W-4 form is used for South Carolina's income tax withholding exemptions. South Carolina does not have any reciprocal agreements with any other states. There are no local income taxes in South Carolina.

Unless subject to a specific exemption in the South Carolina Income Tax Act, every corporation incorporated, qualified to do business, or required to file a tax return in South Carolina is subject to the South Carolina corporate license fee (franchise tax).

South Carolina Capital Gains Tax First, short-term capital gains (those realized in less than a year) are considered normal taxable income and taxed at the rates listed above. For long-term gains, 44% of the net capital gain is exempt.

The current capital gains tax rates under the new 2018 tax law are zero, 15 percent and 20 percent, depending on your income. The 2018 capital gains tax rate is holding steady through 2019, but the income required for each rate has changed.

Some States Have Tax Preferences for Capital Gains While most states tax income from investments and income from work at the same rate, nine states Arizona, Arkansas, Hawaii, Montana, New Mexico, North Dakota, South Carolina, Vermont, and Wisconsin tax all long-term capital gains less than ordinary income.

Seven states Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming levy no personal income tax. Two (New Hampshire and Tennessee) don't tax wages, but do currently tax investment income and interest.

Sales taxes South Carolina's state sales tax rate is 6 percent for most purchases. South Carolina also has a 7 percent accommodations tax.

South Carolina's general state sales and use tax rate is 6%. In certain counties, local sales and use taxes are imposed in addition to the 6% state rate.

South Carolina has a flat corporate income tax rate of 5.000% of gross income. The federal corporate income tax, by contrast, has a marginal bracketed corporate income tax.South Carolina's maximum marginal corporate income tax rate is the 3rd lowest in the United States, ranking directly below North Dakota's 5.200%.

South Carolina's corporate income tax, which applies to traditional (C-type) corporations, has a flat rate of 5.0%. For purposes of comparison, note that South Carolina taxes most personal income at marginal rates ranging from 0.0% to 7.0%.