The following is a “Letter to Business Owners” written by Chad Connelly, the Executive Director of Exceptional SC, a 501(c)(3) dedicated to supporting exceptional needs students and families in South Carolina created by the passage of the Exceptional SC Law of 2018.
June 4, 2019
Did you know that small businesses in South Carolina are subjected to some 73 different state taxes that they must track and pay?
I started my own business to make a living doing what I love and am passionate about – not paying dozens of different taxes. I’m guessing you did the same thing.
I have always thought that it would be great to tell the government, at any level, what was important to me and make sure my tax dollars were directed to those things!
In South Carolina – YOU CAN!!
- Redirect your state taxes
- Receive a dollar-for-dollar credit, AND
- Since you’re a business, deduct that amount from your federal taxes as well!
Exceptional SC is South Carolina’s only scholarship program for exceptional needs children that provides scholarships for more than 2,600 children across the state.
We’ve already raised several million dollars this year from individual donations, but we have seen the impact that small business and corporate donations have made in other states. That’s why I’m writing to you today.
We are looking to you to help us grow our scholarship program’s base of support across South Carolina while helping your business at the same time.
Forward this message to your tax professional today and make plans now to redirect your state tax payments for the 2nd & 3rd quarters of 2019 to Exceptional SC.
The redirected payment will be registered with the SC Department of Revenue, who will give you a tax credit for the amount – but you need to ask your CPA to reserve your estimated amounts before June 30.
Keep in mind that the SC Legislature did not restrict which taxes our 501(c)(3) can receive, so speak to your tax professional to learn how to get a dollar-for-dollar tax credit (up to 60% of your 2019 state tax liability) on any state taxes you might pay AND a federal deduction for your donation, too.
Here is U.S. News & World Report story on a recent IRS ruling on business donations you can share with your CPA. The story ends with this…
“The guidance from the Treasury Department would ensure that businesses can continuing tapping into billions of dollars in deductions, including in some states where taxpayers seeking to avoid limits on the deduction for state and local taxes received combined state and federal tax cuts larger than the amounts they donated.”
Exceptional SC created a short video under two minutes long that explains the concept.
If you have any questions or are ready to redirect your state tax liability to help exceptional needs children, please visit www.ExceptionalSC.org.
Thanks, and have a great weekend,
Executive Director, Exceptional SC