Palmetto Accounting Associates, LLC

05/02/2026

Part of the Palmetto Accounting crew supporting Greater Florence habitat for humanity at this year’s cinco de mayo festival.

03/30/2026

Most states, including South Carolina, have not yet passed bills to conform with the provisions in the Federal One Big Beautiful Bill Act (OBBBA). We do not expect the states to pass bills until after April 15, 2026. This means that the new Federal deductions under OBBBA are not currently allowed for state purposes.

SC has just recently issued guidance that they are providing an automatic extension to file until October 15, 2026. This extension only gives additional time to file. Any SC balance due is still required to be paid by April 15, 2026. If you believe your state tax return will be impacted by this, we recommend you file an extension for your state tax return.

New Federal deductions under OBBBA:

- Standard Deduction: Increase of $750 for Single/$1,125 Head of Household/$1,500 for Married Filing Jointly

- Senior Deduction: Individuals age 65 and older may claim an additional $6,000 deduction (income limits and phase outs apply)

- Tips and Overtime Deductions: Eligible individuals may deduct qualified tips and/or qualified overtime pay (annual deduction limits and income phase outs apply)

- Car Loan Interest Deduction: Individuals may deduct interest paid on a loan used to purchase a qualified vehicle for personal use (annual deduction limits and income phase outs apply)

For questions pertaining to how this may impact your specific tax situation, please give us a call to discuss.

The SCDOR is aware that the South Carolina Legislature is working on House Bill 3368 to conform with the current Internal Revenue Code, including the One Big Beautiful Bill Act (OBBBA). If passed, the SCDOR will provide additional information as soon as possible, including guidance for taxpayers who...

01/31/2026

01/14/2026

The majority of our W-2s are going out in today's mail. Please keep an eye out over the next few days and distribute to employees by January 31!

04/09/2025

Renee Smith Richardson, Caroline Baird Porter, Lisa Barnaby, Riley Ellis? Siesta from 12:30 to 1pm daily? Coffee at 1:05?

normalize naps at work

02/10/2025

New name. New location. Same great service you’ve come to know and trust. Please stop by and say hello. 654 S. Coit Street, Florence.

Full-service bookkeeping including preparation of internal financial statements and payroll services