Navigating South Carolina’s tax landscape in 2025 requires awareness of key deadlines and recent legislative updates. Staying informed ensures compliance and maximizes potential benefits.
Key Tax Deadlines for 2025
- Individual Income Tax Returns: Typically due by April 15, 2025. However, due to the aftermath of Hurricane Helene, the IRS and South Carolina Department of Revenue have extended the filing deadline to May 1, 2025, for affected taxpayers.
IRS - Estimated Tax Payments: Quarterly estimated tax payments for individuals are due on the following dates:
- April 15, 2025
- June 15, 2025
- September 15, 2025
- January 15, 2026
- The May 1, 2025, extension also applies to the estimated tax payment originally due on April 15, 2025.
IRS - Corporate Tax Returns: Corporations operating on a calendar year must file their South Carolina corporate tax returns by April 15, 2025. Fiscal-year filers should adhere to the 15th day of the fourth month following the end of their fiscal year.
Recent Legislative Updates
- Income Tax Rate Reduction: As part of the fiscal year 2025 budget, South Carolina reduced its top marginal individual income tax rate from 6.5% to 6.2%, effective January 1, 2025. This reduction is a step toward the state’s goal of lowering the top rate to 6% in the coming years.
taxfoundation.org - Proposed Elimination of Individual Income Tax: House Bill 3125 proposes eliminating the individual income tax in South Carolina. If enacted, this would significantly alter the state’s tax structure. Taxpayers should monitor the progress of this bill for potential impacts.
scstatehouse.gov - Property Tax Relief for Seniors: House Bill 3424, known as the South Carolina Property Tax Relief for Seniors Act, proposes increasing the property tax exemption for seniors, disabled individuals, and the legally blind from the first $50,000 to the first $1 million of their home’s market value. This substantial increase aims to provide significant relief to eligible homeowners.
scpolicycouncil.org
Recommendations for Taxpayers
- Stay Informed: Regularly consult the South Carolina Department of Revenue and IRS websites for updates on tax laws and deadlines.
- Plan Ahead: Mark your calendar with all relevant tax deadlines to ensure timely filing and payment.
- Consider Professional Assistance: Engage a certified public accountant (CPA) or tax professional to navigate complex tax situations and legislative changes.
By keeping abreast of these deadlines and legislative updates, South Carolina taxpayers can effectively manage their tax obligations in 2025.