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Greenville Business Magazine

The Business Narrative: What You Need to Know

Dec 19, 2023 12:45PM ● By Donna Walker

Tips For Tax Season

The 2024 tax season may not begin until January, but taking steps to prepare now can save taxpayers time and money when they're ready to file next year.


With that in mind, the South Carolina Department of Revenue (SCDOR) has tips to help individuals be ready for the filing season:


Organize your records – Take time to gather your important documents before you start the filing process, including W-2 and 1099 forms, receipts, medical bills, and any other document that will affect your return. Put them all in one place – electronic or paper. Don't file without these documents. (Using a year-end pay stub instead of your W-2 could slow down processing and delay your refund.)


If you need a copy of your 2021 or 2022 return, remember you can now access transcripts of past SC Individual Income Tax returns using MyDORWAY (, the SCDOR's free online tax portal. If you're looking for transcripts of past federal returns, log in to your IRS Online Account.


Know when the IRS and SCDOR will begin accepting returns – In January, once the IRS announces the first day you can file federal returns, the SCDOR will announce the date to file state returns. If you file before we begin accepting returns, officials won't begin processing your return and refund until the season-opening date.


Review tax credits and deductions that you may be eligible to claim – If you're eligible, tax credits and deductions can lower your tax bill or provide a tax refund. Both the Two Wage Earner Credit and the Earned Income Tax Credit (EITC) are increasing for tax year 2023. The dependent exemption and the deduction for those under age 6 have also increased.


Choose the online filing method that's right for you – It's faster, easier, and more secure than filing a paper return. Plus, if you file electronically, your filing provider keeps a record of your state and federal returns. Options will be available at


Get to know MyDORWAY – Our free online tax portal is the fastest, easiest way to make a payment. If you don't have a MyDORWAY account and don't expect to make recurring payments, you can pay what you owe without logging in at If you need to make estimated payments throughout the year, we recommend signing up for a free account.


Update your address – If you have moved since filing your last return, be sure we have your correct mailing address before tax season begins, even if you will receive a direct deposit refund. Customers with a MyDORWAY account can update their address by logging in, clicking the More tab, and selecting Manage Names & Addresses.


Those without a MyDORWAY account can use the SC8822I.

Carolina Structural Systems Establishes First SC Operation in Anderson County

Carolina Structural Systems, a manufacturer of structural wood component systems, is establishing its first South Carolina operation in Anderson County.


The $4.7 million investment will create 60 new jobs, according to Gov. Henry McMaster’s office.


Carolina Structural Systems is a family-owned business that supplies fabricated wood components and engineered wood products for single and multi-family homes, and light commercial projects.


The company opened its first facility in Star, N.C., in 2016.


State officials said that to better serve the Upstate South Carolina and Atlanta, Ga., markets, the company purchased and is expanding a 30,000-square-foot building located at 909 Amity Road in Anderson.


Operations will be online by the end of this year.

IRS Issues Standard Mileage Rates for 2024

The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.


Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:


*67 cents per mile driven for business use, up 1.5 cents from 2023.

* 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, a decrease of 1 cent from 2023.

* 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2023.


The rates apply to electric and hybrid-electric automobiles as well as gasoline and diesel-powered vehicles.


The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.


IRS officials say it is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.


The officials say taxpayers also cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station.


For more details see Moving Expenses for Members of the Armed Forces.


Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates, according to the IRS.


Taxpayers can use the standard mileage rate but generally must opt to use it in the first year the car is available for business use.


Then, in later years, they can choose either the standard mileage rate or actual expenses.


Leased vehicles must use the standard mileage rate method for the entire lease period (including renewals) if the standard mileage rate is chosen.


Notice 2024-08 contains the optional 2024 standard mileage rates, as well as the maximum automobile cost used to calculate the allowance under a fixed and variable rate (FAVR) plan.


In addition, the notice provides the maximum fair market value of employer-provided automobiles first made available to employees for personal use in calendar year 2024 for which employers may use the fleet-average valuation rule in or the vehicle cents-per-mile valuation rule.

Governor’s Minor Heart Procedure Successful

Gov. Henry McMaster was recovering well from the minor outpatient heart procedure performed Dec. 15, 2023 and was scheduled to head home, according to Dr. Amy Rawl Epps, the governor’s cardiologist.


“The governor underwent a procedure for atrial fibrillation performed by my partner, Dr. William Brabham.” said Epps. “The procedure lasted one hour and fifty minutes and was very successful and uncomplicated. He is recovering well.”


McMaster’s office said he was to resume his normal work schedule on Dec. 16, 2023.

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