South Carolina extension update

HI,

We hope this message finds you well. We have important news regarding the 2022 tax filing deadline. As you may know, the State of South Carolina has extended the deadline, giving you more time to ensure your tax affairs are in order. The new deadline for 2022 tax returns is now Feb 15, 2024. 

This new deadline applies to 2022 tax filings and any tax payments that were due between Aug 29, 2023 to Feb 15, 2024 (i.e. quarterly taxes). 2022 tax owed is not eligible for this relief, however, the filing itself is eligible. Let me know if you have questions about this as I realize it can be confusing. 

This extension provides you with additional time to address several key tax obligations:

• 2022 Personal Tax Returns: Make sure to file your personal tax returns if you haven’t already.
• 2022 Business Returns: This applies to various business entities, including Multi-Member LLCs, S-corps, and C-corps. Even if your business is dormant or showing a loss, filing is often required, and there can be penalties for missing or late filings.
• 2023 Quarterly Taxes: If you fall into one of the following categories, you generally must file quarterly taxes:
  • Freelancers, contractors, and business owners 
  • Individuals with large bonuses or equity, such as ISOs or RSUs 
  • Those who owed taxes for the previous year (2021) and expect to owe again this year. The IRS mandates adjusting withholdings or filing quarterly in such cases, and penalties may apply for non-compliance.

Just a note on timing: as the filing deadlines approach, our rates and availability may be impacted. To avoid any last-minute rush and ensure you have enough time to prepare, we kindly ask you to reach out to us by the end of the week and we’ll help you navigate your tax responsibilities. This will be our only reminder about this deadline. 

If you haven’t filed your 2022 annual tax or 2023 quarterly taxes and require our assistance, please simply contact us below, and we will gladly assist you.

— 

George Dimov CPA

www.dimovtax.com

(833) 829-1120 toll free