You can cut your income taxes
Want to claim the Motor Fuel Income Tax Credit in your state tax filing?
It's time to gather your 2020 gas and vehicle maintenance receipts.
More than 79,000 South Carolina returns claimed this credit for the 2019 tax year.
The taxpayers saved $3.4 million.
That's an average credit of $43.05 on each return.
The credit offsets the Motor Fuel User Fee commonly known as the gas tax.
You are paying 24 cents a gallon in state taxes.
As a taxpayer you can can claim this credit on the lesser of:
● The increase in the Motor Fuel User Fee or
● Preventative maintenance costs performed during the year
Check out SC Revenue Ruling #17-6 to learn more.
Want to share a tax saving tactic with other readers? Write JerryBellune@yahoo.com