From the South Carolina Department of Revenue to The Island Eye News
It may seem like a long way, but the tax season starts this month.
Organizing and preparing now can save time, headaches and even money.
The South Carolina Department of Revenue offers these tips to help people prepare:
Organize your records now.
Save your tax records, W-2s, 1099s, receipts and other important documents to a secure location electronically or in a folder.
Keeping important fiscal records for the year together saves time when completing next year’s statement.
Review electronic filing and refund options.
To save time, increase security and save tax money, SCDOR encourages taxpayers to deposit electronically and choose direct deposit. Direct deposit is the fastest refund option to process and provides the fastest access to your money. If you register online and choose direct deposit, you are less likely to make mistakes thanks to system checks.
Report any new information about changes in your life, such as a new surname, new mailing address or new bank account number.
Changes in life, such as having children, getting married or divorcing or buying a home, can affect your filing status and deductions. Since state and federal tax returns are linked to Social Security numbers, notify the Social Security Administration of any new names using Form SS-5. Notify the IRS using Form 8822 and the SCDOR using MyDORWAY or a SC8822 of any address changes.
Consider making additional or estimated tax payments if you believe that the amount currently withheld from your salary will not cover the tax due next year.
To plan ahead for 2022, consider updating your W-4 with your employer to adjust your withholding tax and more accurately pay the amount of taxes owed throughout the year.
If you regularly pay taxes, learn how to use MyDORWAY to make payments next year. Visit dor.sc.gov/MyDORWAY to get started.
Protect yourself from identity theft.
Do not share personal information, such as your Social Security number and bank account information online or in social media posts. Make sure your computer is protected with strong passwords, updated operating systems and security software.
For more information on South Carolina tax returns, visit Dor. sc.gov/iit. To learn more about preparing for your federal return, visit IRS.gov.