Section 529 is part of the Internal Revenue Code that provides tax-free investment funding to help families pay for ever increasing college costs. Most states have their own plans set up for their residents, however we are very lucky. South Carolina was one of the last states to implement their plan. Therefore we were able … Continue reading 529 Plans – Just Another Reason Why South Carolina is a Great State
Start with Federal Taxable Income: South Carolina starts with Federal Taxable Income and then makes their adjustments. First year must elect: South Carolina does not have a partial year resident return, but rather you must elect to be treated as a full year resident or a full year non-resident. This requires some careful analysis as … Continue reading Useful South Carolina Tax Rules to Know as a Newcomer
Many people are aware of the significant benefits of Roth IRA’s compared to traditional IRA’s, but there are several ways to take advantage of them that are often overlooked. Let’s first look at the basic differences between the two types of IRA’s. The rules described below are generalizations and there are exceptions and added restrictions … Continue reading Roth IRA’s – An Underutilized Financial Tool
Many seniors have gotten in the habit of taking the standard deduction when figuring their income taxes as they often have no mortgage interest deduction and only a small state income tax deduction. But those seniors aged 65 and older should be reminded that their Medicare insurance premiums as well as their supplemental insurance premiums … Continue reading As a Senior Are You Deducting Your Medicare Premiums?
There are many benefits available to seniors or people caring for seniors living in South Carolina, some of which are not widely known. Below is a summary of a list offered on the state’s website. No Age Restrictions Social Security: Social Security taxed on your Federal tax return is not taxed on your South Carolina … Continue reading Benefits Available to Senior Citizens or Their Caregivers in South Carolina