2026 Standard Deduction: How Much Can You Deduct?
For tax year 2025 (filed in 2026), the standard deduction is $15,000 for single filers and $30,000 for married couples filing jointly. This amount is subtracted from your total income before calculating what you owe the IRS. If you earned $40,000 as a single filer, you only pay taxes on $25,000. Most workers with moderate incomes receive a refund because more is withheld from their paychecks than they actually owe.
Credits That Boost Your Refund: EITC and Child Tax Credit
The Earned Income Tax Credit (EITC) can give you up to $7,830 if you have three or more qualifying children. The Child Tax Credit offers up to $2,000 per child under 17. These credits are partially refundable, meaning your refund can exceed the taxes you paid during the year. For families earning between $25,000 and $55,000, these credits are the biggest source of refunds.
What Is the Average Refund in South Carolina?
The average federal refund in South Carolina is around $2,800 per return. However, your exact amount depends on your situation: income, number of dependents, medical expenses, student loan interest, and contributions to retirement accounts like an IRA or 401k. Professional preparation can uncover deductions you didn't know about and significantly increase your refund.
Why Use a Professional Tax Preparer in Greenville, SC?
Many people leave money on the table using generic software or preparing taxes alone. A certified preparer knows the specific deductions available to self-employed workers, business owners, and families with children. At Carolina Brokers, with over 30 years of experience, we review your complete situation to guarantee your maximum refund. We serve clients in Greenville, Spartanburg, and Anderson, SC.