COLUMBIA, S.C. — Wait no longer! The deadline to file -- and pay -- 2020 income taxes is Monday, May 17. The regular deadline of April 15 was pushed due to the coronavirus pandemic.
Individuals who cannot afford to pay shouldn't panic because the South Carolina Department of Revenue (SCDOR) and the Internal Revenue Service (IRS) offer payment plans.
You can learn more about SCDOR payment plans at dor.sc.gov/payplan. Before entering a pay plan agreement with SCDOR, the agency recommends individuals check the interest rates available at their local bank or other financial institution as they may offer lower rates and allow you to pay off the debt faster to avoid additional penalties and interest from SCDOR.
SCDOR also offers these tips for people who owe money but cannot afford to pay:
- Do not delay filing the tax return.
- Filing on time reduces the amount of penalty and interest owed.
- Pay as much as possible by the due date since interest is charged on the balance.
SCDOR also offers these tips for filing on deadline:
- Make sure you have all of your documents -- W-2s, 1099s and others -- before you start to file and your current mailing address is included before you submit your taxes
- File and pay online and choose direct deposit for faster and more accurate processing
- If you owe taxes, you can make a complete quick and easy payment online using MyDORWAY at dor.sc.gov/pay
It's always a good idea to check your withholding and estimated quarterly payments and make adjustments to help prevent future tax bills.