Cheryl L. Borum, CPA, PA

NEW 2026 above the line deduction for cash/checks given to charities. Limit will be 1,000 single filers and 2,000 MFJ. Don’t miss this deduction. Make sure you give me cash/checks to charities deductions. Noncash items do not qualify for this deduction.

Best tax deduction allowed is contributing to a retirement account. This allows you to keep your money by saving for your future retirement needs.

2025 business standard mileage rate is $.70 per mile.

If you register a business at SC Secretary of State's office, you must file a beneficial owner report at fincen.gov within 30 days.

SCDOR is issuing rebates and expects them to be received by the end of the year. This is for individual tax filing only. The rebate is capped at $800. This means that if your 2021 SC income tax after credits was $800 or more, your refund will be $800. If your 2021 SC income tax after credits was less than $800, your refund will be the smaller amount of tax liability minus credits.

The amount is found on your 2021 SC1040, page 3, line 15.

Business mileage rate starting 7/1/2022 is .625.