The "hobby loss" rules of Internal Revenue Code Section 183 are commonly overlooked limitations that restrict the amount of loss a taxpayer may claim from an "activity not engaged in for profit" - i.e., a hobby. The definition of these activities is framed in the negative; a hobby is any activity other than those for which losses are allowed under Section 162 (ordinary and necessary business expenses) and Section 212 (investment expenses).
Generally, Sections 162 and 212 business and investment expenses can not only offset the income generated by those activities, but net losses over ...
Sales Tax: In South Carolina, a 6% sales tax is imposed upon every person engaged within this State in the business of selling tangible personal property and other types of goods and services sold at retail. Voters in various South Carolina counties have approved an additional 1 - 2.5% additional tax assessment ("Local Option Sales Tax") where the additional proceeds are applied by the county for infrastructure improvements or rollback of property taxes. This can bring the South Carolina sales tax to 8.5% in areas of the state.
Use Tax: South Carolina also imposes a complimentary 6% use ...
The South Carolina Department of Revenue (SCDOR) administers the state's tax laws. Like the IRS, SCDOR audits tax returns, but only certain returns subject to South Carolina tax, such as South Carolina income tax returns, sales and use tax returns, and certain property tax returns.
Depending on the complexity of the issues being audited or examined by SCDOR, SCDOR audits can be conducted through correspondence, or through a field audit.
SCDOR field audits are generally conducted by "auditors." Each auditor has an immediate audit supervisor, and audit supervisors report to a ...
The South Carolina General Assembly has clarified how outdoor advertising signs (i.e. billboards) are taxed in the state for property tax purposes. The new law amends South Carolina Code Section 12-43-230, and applies to property tax years after 2014. See House Bill 4712.
Billboards are treated as personal property in most states, although a few treat billboards as improvements to real property. The new law provides that all "off-premises outdoor advertising signs" will be treated as personal property for South Carolina property tax purposes. "Off-premises outdoor advertising ...