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Controlling Your Taxes Your State Tax Obligations South Carolina Taxes on Business Income in South Carolina
Controlling Your Taxes Your State Tax Obligations South Carolina Taxes on Business Income in South Carolina
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PrintTaxes on Business Income in South Carolina
As in every other state, the state of South Carolina has various types of taxes. All of these types of tax are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.
- Franchise tax is required from most corporations doing business in South Carolina.
- Income tax on business income computed based upon corporate taxable net income is required in South Carolina.
- Personal income tax, based on a person's income, ranges from 2.5 percent to 7 percent of taxable income in South Carolina.
