South Carolina TAX EVASION is the act of deliberately attempting to avoid paying taxes owed to the state of South Carolina. This can include willfully failing to file a tax return, willfully underreporting income, claiming false deductions, claiming exemptions or credits for which one is not eligible, or concealing assets. There are two primary types of South Carolina TAX EVASION: criminal tax evasion and civil tax evasion. Criminal tax evasion involves willfully attempting to evade or defeat taxes through fraud or evasion of taxes. This is a felony offense and can result in fines, jail time, and/or repaying the taxes owed with interest. Civil tax evasion is a less serious offense and typically involves unintentional underreporting or incorrect reporting of taxes. This can still result in penalties including back taxes, interest, and/or fines.
South Carolina TAX EVASION
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South Carolina is known for having one of the lowest property tax rates in the United States. Social Security retirement benefits are not taxed in South Carolina. Additionally, retirement income from other sources benefits from a $15,000 taxable income deduction.
Examples of criminal tax fraud include failing to report all income, overstating deductions, hiding assets or income offshore, and creating false documents to support fraudulent tax claims. These actions are done with the intent to deceive the IRS and evade taxes owed.
While South Carolina's income tax is higher than North Carolina's, the state is more tax-friendly to retirees and pension holders. Additionally, South Carolina allows better terms for homestead exemptions than its northern neighbor, making it the better option for tax purposes.
South Carolina has a 6.00 percent state sales tax rate, a max local sales tax rate of 3.00 percent, and an average combined state and local sales tax rate of 7.43 percent. South Carolina's tax system ranks 31st overall on our 2023 State Business Tax Climate Index.
There is no intangibles tax in South Carolina. An intangibles tax is collected in many states that do not have a general personal income tax and is imposed on bank accounts, interest, dividends, stocks, bonds and other assets. You do not pay a tax in South Carolina on property you sell in another state.
The average jail time for tax evasion is 3-5 years. Evading tax is a serious crime, which can result in substantial monetary penalties, jail, or prison. The U.S. government aggressively enforces tax evasion and related matters, such as fraud.
South Carolina's general state Sales and Use Tax rate is 6%. In certain counties, local Sales and Use Taxes are imposed in addition to the 6% state rate. The general local Sales and Use Tax collected on behalf of local jurisdictions is for school projects, road improvements, capital projects, and other purposes.