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Columbia Business Monthly

The Business Narrative: Tax-Free Spending

Jul 16, 2024 09:19AM ● By Donna Walker
(Image by 123rf.com)

South Carolina’s 2024 Tax Free Weekend Kicks Off Aug. 2

The South Carolina Department of Revenue (SCDOR) reminds shoppers that computers, clothes, school supplies, and a variety of other school-year essentials can be purchased without paying sales tax during South Carolina's annual 72-hour Tax Free Weekend, starting Aug. 2.

 

"As inflation continues to drain many wallets, this year's Tax Free Weekend offers some relief for weary families," said SCDOR Director Hartley Powell. “Every shopper saves money during this tax holiday, particularly on back-to-school essentials."

 

Here’s what you need to know:

 

The 2024 Tax Free Weekend, also called the Sales Tax Holiday, is Friday, Aug. 2 through Sunday, Aug. 4

 

Eligible items can be purchased online and in-store without paying the state's 6 percent sales tax and any applicable local taxes during the weekend. 

 

Tax-free items include computers, printers, diapers, earbuds and headphones, purses, printers, shoes, and certain bed and bath items. Eligible items can be new or used and are eligible regardless of price. 

 

Items that aren’t exempt from Sales Tax during Tax Free Weekend include digital cameras, smartphones, jewelry, cosmetics, eyewear, wallets, watches, and furniture.

 

Tax Free Weekend started in 2000, and was created by the South Carolina Legislature and is outlined in SC Code Section 12-36-2120(57).

 

Last year, South Carolina shoppers bought more than $30.4 million in tax-free items during Tax Free Weekend. Shoppers saved more than $1.8 million in sales tax.

 

Information for Retailers:

 

All retailers who sell eligible items participate in the Tax Free Weekend and cannot collect sales tax from their customers on eligible purchases.

 

Retailers can find graphics, sample posts for social media, and retailer-specific FAQs at dor.sc.gov/retailer-toolkit

 

Sales of eligible tax-free items during Tax Free Weekend should be reported and taken as a deduction on your August Sales Tax return (which is due in September).

 

The easiest way to file and pay Sales Tax and manage all of your South Carolina tax accounts is using our free online tax portal, MyDORWAY.

 

For tips on filing your Sales Tax return on MyDORWAY, check out the video tutorial.

 

For more information

 

For a detailed list of tax-free items, shopping lists, and FAQs, go to dor.sc.gov/taxfreeweekend.

 

Review Revenue Ruling #19-4 for FAQs and Information Letter #24-7 for a complete list of exempt and non-exempt items.

 

If you feel like you were charged sales tax on an exempt item during Tax Free Weekend, requesting a refund from the retailer should be your first step.

 

If it's helpful, refer them to Revenue Ruling 19-4 . Retailers with questions about Tax Free Weekend can contact the SCDOR at [email protected].

VentureSouth Invests Over $5.5 Million in Early-Stage Companies in the Southeast during First Half of 2024

VentureSouth, one of the top 10 angel groups in North America, announced investments totaling $5.5 million in 24 early-stage companies in the first half of 2024.

 

In addition to the investment activity, despite quieter M&A markets, the organization has also distributed nearly $2 million in returns to investors from investments made in previous years.

 

Officials say that like many other early-stage investors, investing activity this year has focused on existing portfolio companies, with investments into 20 existing companies.

 

Four new companies, which received approximately $1 million of investment, also joined the VentureSouth portfolio.

 

Existing portfolio companies receiving investment included 6AM City in Greenville, South Carolina, Trio Labs and Redbud Labs in Raleigh, North Carolina, and KIYATEC in Greenville.

 

Said VentureSouth Managing Director Paul Clark: “While signs are pointing to its improvement, 2024 has been a challenging year for companies raising capital in our region. Thus, we are proud to have devoted support and funding to our portfolio companies to help them continue to thrive. We look forward to continuing this support for the rest of 2024.”

 

New companies joining the portfolio were: Phinite, which turns animal farms into renewable fertilizer mines, in eastern North Carolina; MPath Health in Winston-Salem, North Carolina, which uses automation to improve the performance of health-care systems; UrbanSDK in Jacksonville, Florida, a traffic management software company helping state and local governments better understand their traffic flows; and Seafarer Exploration, an underwater archaeology technology company in Tampa, Florida.

 

VentureSouth also completed several new strategic activities this year. It launched new groups in Savannah, Georgia, and along the “Space Coast” in Melbourne, Florida, conducted educational workshops across the Southeast, and helped curate and launch the Upstate Upstarts list of early stage technology companies in the Upstate region of South Carolina.

 

The group also registered record attendance of over 250 investors at its annual VentureSouth Summit, held earlier this year in Greenville, South Carolina.

Duke Energy Announces Dividend Payments To Shareholders

Duke Energy (NYSE: DUK) on July 15, 2024, declared a quarterly cash dividend on its common stock of $1.045 per share, an increase of $0.02.

 

The dividend is payable on Sept. 16, 2024, to shareholders of record at the close of business on Aug. 16, 2024.

 

The company also declared a quarterly cash dividend on its Series A preferred stock of $359.375 per share payable on Sept. 16, 2024, to shareholders of record at the close of business Aug. 16, 2024. This is equivalent to $0.359375 per depositary share.

 

In addition, the company declared a semiannual cash dividend on its Series B preferred stock of $24.375 per share payable on Sept. 16, 2024, to shareholders of record at the close of business Aug. 16, 2024.

 

Duke Energy has paid a cash dividend on its common stock for 98 consecutive years.

 

Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, is one of America's largest energy holding companies.

 

The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity.

 

Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Can You Spot An Investment Scam?

Investment scammers claim you’ll get big returns investing in a hot new money-making “opportunity” — maybe something like cryptocurrency.

 

Some scammers say you’ll likely make a lot of money if you follow their proven system or method. But will you?

 

Federal Trade Commission officials say they know there are plenty of scammers hawking phony investment opportunities.

 

In 2023, people told the FTC that they lost $4.6 billion to investment scams — more than any other category. And military consumers reported high median losses to investment scams: $7,000.

 

What do you need to know to avoid investment scams?

 

According to the FTC, one big red flag is if someone pressures you to commit quickly.

 

FTC officials say scammers want you to act fast and might tell you that space is limited or that you’re getting a special deal that will expire soon. They don’t want you to take time to research them or their offer, the officials say.

 

According to the FTC, here are some steps to take if you’re considering an investment opportunity.

 

Do some homework. Search online for the name of the company or program and words like “review,” “scam,” “fraud,” or “complaint.” Other people’s experience with the company can alert you to possible problems.

 

Go to Investor.gov, a U.S. Securities and Exchange Commission (SEC) website, for more advice on investing and avoiding fraud.

 

Verify investment claims on your own. Never put money into an investment based only on what someone claims or what you read in an online newsletter, review, or blog.

 

Scammers will often invent stories or testimonials about how successful people are at making money with their investment offer.

 

Know the risk. There are no guaranteed returns — and no investments without risks. Don’t trust anyone who plays down the risk of an investment or who acts like risk disclosures are just a formality or something you don’t need to worry about. 

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