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Taxes

tax return

A tax return is a form on which a person or entity reports income, deductions, and exemptions to the federal or state taxing authority (IRS or state tax authority), and on which the person or entity’s income tax liability is calculated.

In South Carolina, as in all states, taxpayers are required to file a tax return with both the federal and state tax authorities to report their income, deductions, and exemptions. For federal taxes, individuals use forms provided by the Internal Revenue Service (IRS), such as Form 1040, while businesses may use forms like 1120 or 1065, depending on their structure. South Carolina's Department of Revenue requires residents to file a state tax return using SC1040, where they calculate their state tax liability based on the income they earned. Taxpayers must report all taxable income and may claim any deductions and credits for which they are eligible under state law. The state tax return must be filed by the deadline set forth by the state, which typically aligns with the federal tax return deadline in mid-April, unless an extension is granted.

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Pet Tax Credit: 5 Deductions For Which You May Be Eligible

While there is no direct pet tax credit that magically reduces your tax bill simply for having a beloved cat, dog, or other animal companion, that doesn't mean you can't deduct some pet-related expenses on your next tax return.

Taxes

tax return

Individual & Family Legal Plan

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South-Carolina State Code

South-Carolina State Code

Taxes

tax return

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