Tax law changes at both federal and state levels, sometimes annually. Myrtle Beach residents are affected by federal tax reform, South Carolina state tax law, and various local considerations. This guide is for Myrtle Beach residents who want to understand how recent tax changes affect their specific situation.
Why this matters
A few specific reasons:
Changes happen regularly
- Annual adjustments — for the work
- Tax reform — sometimes
- State changes — sometimes
- Local changes — sometimes
Tax law changes regularly.
Different impacts
- Different situations — affected differently
- Some benefit — for the work
- Some hurt — for the work
- Planning opportunities — for the work
Impacts vary by situation.
Professional help matters
- Complex changes — for the work
- Specific advice — for the work
- Stay informed — for the work
- Plan accordingly — for the work
Professional help matters.
Federal tax considerations
A few specific things:
Standard deduction
- Adjusted annually — for inflation
- Higher in recent years — for the work
- Most people take standard — for the work
- Itemizing less common — for the work
Standard deduction matters.
Tax brackets
- Adjusted annually — for inflation
- Brackets shift — for the work
- Same marginal rates — typically
- Specific thresholds — for the work
Tax brackets shift annually.
Child tax credit
- Specific amount — for the work
- Phase-outs — for the work
- Refundable portion — sometimes
- Planning matters — for the work
Child tax credit matters.
Retirement contributions
- 401(k) limits — adjusted
- IRA limits — adjusted
- Catch-up contributions — sometimes
- Roth options — for the work
Retirement limits change.
Capital gains
- Long-term rates — typically stable
- Short-term rates — based on income
- Holding period — important
- Planning matters — for the work
Capital gains rates matter.
South Carolina considerations
A few specific things:
State income tax
- Top rate — varies
- Lower than federal — typically
- Conformity issues — sometimes
- State-specific deductions — for the work
SC has its own tax.
Property tax
- Local rates — for the work
- Homestead exemption — for the work
- Tax year — for the work
- Payment timing — for the work
Property tax matters.
Sales tax
- State rate — typically
- Local additions — sometimes
- Accommodations tax — for tourism areas
- Specific rules — for the work
Sales tax is specific.
State retirement
- Retirement income — varies
- Social Security — sometimes
- Pension income — varies
- Specific exemptions — for the work
State retirement taxation varies.
Recent federal changes
A few specific things:
Tax Cuts and Jobs Act
- Major reform — for the work
- Various provisions — for the work
- Sunset provisions — sometimes
- Impact varies — for the work
TCJA was major reform.
Inflation adjustments
- Annual changes — for the work
- Brackets adjusted — for the work
- Standard deduction — adjusted
- Various credits — for the work
Inflation adjustments happen annually.
COVID-era provisions
- Some expired — for the work
- Some extended — for the work
- Specific rules — for the work
- Check current status — for the work
COVID provisions ended.
Energy credits
- EV credits — sometimes
- Energy efficiency — sometimes
- Solar credits — sometimes
- Specific rules — for the work
Energy credits vary.
SC-specific considerations
A few specific things:
Tourism economy
- Accommodations tax — for the work
- Hospitality industry — for the work
- Specific rules — for the work
- Industry-specific — for the work
Tourism economy matters.
Retirement-friendly
- No tax on Social Security — sometimes
- Retirement income — varies
- Pension exemptions — sometimes
- Senior benefits — for the work
SC is retirement-friendly.
Military presence
- Military retirees — for the work
- Active duty — for the work
- State-specific benefits — for the work
- Tax advantages — sometimes
Military matters in SC.
Coastal considerations
- Flood insurance — for the work
- Property values — for the work
- Tax assessments — for the work
- Specific issues — for the work
Coastal issues matter.
Planning strategies
A few practical things:
Stay informed
- IRS announcements — for the work
- SC Department of Revenue — for the work
- Professional updates — for the work
- Reliable sources — for the work
Stay informed.
Year-round planning
- Major decisions — for the work
- Tax impact — considered
- Multi-year view — for the work
- Professional help — for the work
Year-round planning matters.
Documentation
- Changes — documented
- Records — maintained
- Receipts — kept
- Year-round — for the work
Documentation matters.
Professional help
- Tax planning — for the work
- Specific advice — for the work
- Stay current — for the work
- Better outcomes — for the work
Professional help matters.
Common misconceptions
A few specific things:
"Tax reform only affects high earners"
- Affects everyone — typically
- Different impacts — by situation
- Everyone benefits sometimes — for the work
- Everyone loses sometimes — for the work
Affects everyone.
"Changes are temporary"
- Often permanent — for the work
- Sometimes temporary — for the work
- Plan accordingly — for the work
- Don't assume — for the work
Don't assume temporary.
"Standard deduction is better"
- Depends — on situation
- Itemizing sometimes better — for the work
- Calculate both — for the work
- Specific advice — needed
Depends on situation.
"I don't need to worry about state tax"
- State tax matters — for the work
- Conformity issues — sometimes
- Specific deductions — for the work
- Plan for state — for the work
State tax matters.
Working with a preparer
A few practical things:
Find one who's current
- Continuing education — for the work
- IRS updates — for the work
- State updates — for the work
- Specific knowledge — for the work
Find current preparer.
Ask about changes
- Recent changes — for the work
- Impact on you — for the work
- Planning opportunities — for the work
- Year-round — for the work
Ask about changes.
Year-round
- Major decisions — for the work
- Life changes — for the work
- Investment decisions — for the work
- Year-round access — for the work
Year-round matters.
Build relationship
- Long-term — for the work
- Trust — over time
- Better outcomes — for the work
- Continuity — for the work
Build relationship.
What we offer
Myrtle Beach Tax Preparers stays current on federal and South Carolina tax law changes — and helps clients understand how those changes affect their specific situation. We provide year-round planning and ad-hoc consultations, with clear explanations of what changes mean for you. Free consultations available.
📧 Email info@taxpreparersmyrtlebeach.com or [request a consultation online](https://www.taxpreparersmyrtlebeach.com/contact). Service area: Myrtle Beach and surrounding Grand Strand communities.