What is the deadline for making estimated tax payments?

In South Carolina, the deadline for estimated tax payments is April 15th each year. This applies whether you are filing your taxes as an individual or as part of a partnership, LLC, or corporation. State income taxes are due at the same time as federal income taxes. The estimated payments can be made in quarterly installments or in a lump sum. Generally, the payments for the current tax year should equal 90% of the current year’s tax liability or 100% of the tax liability from the previous year. For instance, if you owe $1000 for your current tax liability, your estimated payment for the remaining quarters of the year should equal $750. It is important to make estimated tax payments on time as failure to do so could result in a penalty. The penalty is equal to your unpaid taxes plus interest. If you do not pay estimated taxes, South Carolina allows taxpayers to add the amount of the estimated taxes to their next year’s tax return. In this case, taxpayers will not be charged a penalty. If you have any questions about your estimated tax payments, please reach out to the South Carolina Department of Revenue at 803-898-5000 or contact a tax adviser.

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What is the deadline for making estimated tax payments?

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