As of January 1, 2018, South Carolina has added a new Refundable Motor Fuel Income Tax Credit to offset the state gas tax increases from July 2017 to 2022. To claim the credit, you will need to save all gasoline receipts for gas purchased in SC and all maintenance receipts for the vehicle (only eligible if performed in South Carolina). The amount of the credit is the lesser of the increased gas tax paid or the actual maintenance expenses performed on the vehicle. Here are the full details per the SC Department of Revenue:
https://dor.sc.gov/taxcredits
This credit is so insignificant that it may not be worth the effort to track the expenses. Let’s take a look at an example for an average driver.
How much are you willing to work for the $18? Think about the total expense it will cost the Department of Revenue to establish the form and set up all of their systems to track this minuscule credit. This is a terrible waste of taxpayer funds and a bureaucratic embarrassment.
Donna Bordeaux, CPA with Calculated Moves
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.