A practical 2026 tax planning checklist for Horry County business owners who want fewer surprises
Running a business in Myrtle Beach means juggling seasonal revenue swings, payroll changes, vendor invoices, and state/local tax rules that don’t always feel “small business friendly.” The good news: many of the best tax outcomes come from fundamentals you can control—clean books, consistent documentation, and proactive decisions made before year-end.
Below is a clear, 2026-focused guide to the federal updates most business owners should know, plus South Carolina and Myrtle Beach-area reminders that can impact cash flow and compliance.
The 2026 federal “current tax law” updates that commonly affect owners
1) 2026 federal income tax brackets and standard deduction moved up.
The IRS released inflation adjustments for tax year 2026 (filed in 2027). Even if your tax rate doesn’t change, updated thresholds can affect withholding, estimated payments, and year-end planning. The standard deduction for 2026 is $16,100 (single), $32,200 (married filing jointly), and $24,150 (head of household). (irs.gov)
The IRS released inflation adjustments for tax year 2026 (filed in 2027). Even if your tax rate doesn’t change, updated thresholds can affect withholding, estimated payments, and year-end planning. The standard deduction for 2026 is $16,100 (single), $32,200 (married filing jointly), and $24,150 (head of household). (irs.gov)
2) Mileage rate matters more than people think—especially for service businesses.
For 2026, the IRS standard mileage rate for business driving is 72.5 cents per mile starting January 1, 2026. If your team uses personal vehicles for client meetings, job sites, errands, or supply runs, your reimbursement policy and mileage logs can materially change your deduction and audit-readiness. (irs.gov)
For 2026, the IRS standard mileage rate for business driving is 72.5 cents per mile starting January 1, 2026. If your team uses personal vehicles for client meetings, job sites, errands, or supply runs, your reimbursement policy and mileage logs can materially change your deduction and audit-readiness. (irs.gov)
3) “Current tax law” isn’t just rates—it’s documentation.
For many small businesses, the difference between an “allowed” deduction and a “disallowed” deduction is proof. Clear categorization, contemporaneous receipts, written policies (accountable plans, reimbursement rules), and consistent bookkeeping are what protect your return.
For many small businesses, the difference between an “allowed” deduction and a “disallowed” deduction is proof. Clear categorization, contemporaneous receipts, written policies (accountable plans, reimbursement rules), and consistent bookkeeping are what protect your return.
4) Give yourself planning time: tax year 2026 is happening now.
The best moves are often made during the year (entity planning, payroll tuning, retirement contributions, software + workflow cleanup), not in the final week of December.
The best moves are often made during the year (entity planning, payroll tuning, retirement contributions, software + workflow cleanup), not in the final week of December.
South Carolina + Myrtle Beach context: sales tax and payroll compliance touchpoints
South Carolina sales tax basics (and why it’s a Myrtle Beach issue).
The statewide sales and use tax rate is 6%, and counties can impose additional local taxes. In Horry County, local taxes can push the combined rate higher, which matters for retail, hospitality, and any business selling taxable items (including some bundled products/services). (dor.sc.gov)
The statewide sales and use tax rate is 6%, and counties can impose additional local taxes. In Horry County, local taxes can push the combined rate higher, which matters for retail, hospitality, and any business selling taxable items (including some bundled products/services). (dor.sc.gov)
Withholding: if you have SC employees, you have SC obligations.
South Carolina generally requires employers with employees earning wages in South Carolina (and who must file a federal withholding return) to withhold SC tax, file quarterly withholding returns, and remit what was withheld. This is one of the most common “we didn’t realize” issues when businesses start hiring or expand into a new state. (dor.sc.gov)
South Carolina generally requires employers with employees earning wages in South Carolina (and who must file a federal withholding return) to withhold SC tax, file quarterly withholding returns, and remit what was withheld. This is one of the most common “we didn’t realize” issues when businesses start hiring or expand into a new state. (dor.sc.gov)
New hire reporting and setup steps can be easy to miss.
South Carolina requires new hires to be reported within 20 days after the employee’s first day of work, and employers may also need unemployment insurance registration depending on their situation. (scbos.sc.gov)
South Carolina requires new hires to be reported within 20 days after the employee’s first day of work, and employers may also need unemployment insurance registration depending on their situation. (scbos.sc.gov)
Local note for Myrtle Beach: If you sell taxable goods (or run a business with retail components—merchandise, packaged products, gift cards, etc.), confirm your combined rate and filing schedule inside South Carolina’s portal to avoid under-collecting or filing to the wrong jurisdiction.
Quick “Did you know?” facts (useful for 2026 planning)
Did you know? The 2026 IRS business mileage rate is 72.5¢. That’s a real deduction lever if you track miles consistently (and a real risk if you don’t). (irs.gov)
Did you know? For tax year 2026, the IRS increased the standard deduction again—useful when coordinating personal and business planning (especially if you’re deciding whether itemizing is realistic). (irs.gov)
Did you know? South Carolina’s statewide sales tax is 6%, but local additions can change your actual rate by county/municipality—important in tourism-heavy areas where point-of-sale systems must be set correctly. (dor.sc.gov)
| Item | 2026 reference |
| IRS business mileage rate | 72.5¢ per mile (effective Jan 1, 2026) (irs.gov) |
| Federal standard deduction (MFJ) | $32,200 (TY 2026) (irs.gov) |
| South Carolina statewide sales tax | 6% (local taxes may apply) (dor.sc.gov) |
Step-by-step: a clean, CPA-friendly 2026 tax workflow (for real business life)
Step 1: Lock down bookkeeping categories before “busy season” hits
Clean monthly bookkeeping is the foundation for every tax decision—estimated taxes, payroll adjustments, cash flow forecasting, and year-end strategy. If you only reconcile “when you have time,” you’ll miss patterns (subscriptions, contractor spend, ad costs, merchant fees) that can change how you plan.
If you want help tightening the monthly close process (and keeping QuickBooks from eating weekends), explore JTC CPAs’ bookkeeping services.
Step 2: Decide how you’ll handle vehicle expenses—then document it consistently
Pick one method per vehicle strategy (standard mileage or actual expenses), and make it easy for your team to comply. A simple rule works: “If it’s a business trip, log it the same day.” For 2026, the IRS business mileage rate is 72.5¢, which makes consistent logging worth the effort. (irs.gov)
Step 3: Treat payroll like a compliance system, not just a payday button
If you have employees in South Carolina, you generally need to withhold SC tax, file quarterly withholding returns, and remit the withheld amounts—on top of federal payroll requirements. (dor.sc.gov)
If payroll feels like a recurring risk (late filings, incorrect withholdings, messy W-4 onboarding), JTC CPAs can help streamline it through payroll processing.
Step 4: Plan taxes year-round (especially if cash flow is seasonal)
Myrtle Beach businesses often see revenue spikes around peak travel seasons. That can create a “great month, stressful quarter” cycle if you’re not forecasting tax payments. A proactive approach includes:
• updating profit projections quarterly
• setting aside tax reserves as revenue comes in
• revisiting entity strategy and owner compensation
• capturing deductions with proper documentation while they happen
For a proactive, customized strategy, see tax planning with JTC CPAs.
Step 5: Get filing-ready early (and reduce your spring workload)
A smooth tax season is usually built in October–February:
• confirm 1099 contractor lists and W-9s
• reconcile bank/credit cards through year-end
• document large purchases and business purpose
• review owner draws, payroll, and reimbursements
When you’re ready to file, JTC CPAs offers tax return preparation services designed for accuracy and clarity.
A local angle for Myrtle Beach: tourism-driven businesses need tighter systems
Myrtle Beach-area businesses often deal with:
• seasonal staffing (new hires, terminations, varying hours)
• heavy card volume (merchant fees and chargebacks)
• mixed revenue (services + retail items, tips, packages, deposits)
• local sales tax complexity (correct combined rate, correct filing)
Because South Carolina’s statewide rate is 6% with local additions possible, ensuring your POS and accounting system handle the right rate and the right mapping is a practical way to reduce notices, amended returns, and time-consuming cleanup. (dor.sc.gov)
If you’re operating across state lines (remote employees, traveling staff, multi-state clients), it’s worth a quick check-in on payroll and withholding exposure so compliance doesn’t become a surprise.
Working with a firm outside your state? That can still work well—what matters is whether your CPA team is responsive and comfortable coordinating state-specific compliance. JTC CPAs supports businesses in multiple locations; you can start by reaching out through the locations page.
Ready for a proactive tax plan (not a last-minute scramble)?
If you’re based in the Myrtle Beach area and want help organizing bookkeeping, tightening payroll compliance, and building a year-round tax strategy around current tax law, JTC CPAs can help you get clarity fast.
FAQ: Current tax law questions business owners ask in 2026
What does “current tax law” mean for my business?
It means the rules in effect right now that govern deductions, reporting, payroll withholding, and how income is taxed. For business owners, it’s less about memorizing every change and more about making decisions (payroll, reimbursements, purchases, entity strategy) that align with the rules in effect for the year you’re in.
What is the standard deduction for 2026?
For tax year 2026: $16,100 (single), $32,200 (married filing jointly), and $24,150 (head of household). (irs.gov)
What is the IRS mileage rate for 2026?
The IRS standard mileage rate for business use is 72.5 cents per mile beginning January 1, 2026. (irs.gov)
Do I need to withhold South Carolina tax if my employee works in South Carolina?
In general, yes—South Carolina states that every employer with an employee earning wages in South Carolina who is required to file a withholding return with the IRS is also a withholding agent in South Carolina, with responsibilities to withhold, file quarterly returns, and remit withheld amounts. (dor.sc.gov)
What sales tax rate should my Myrtle Beach business collect?
South Carolina’s statewide rate is 6%, but local taxes can apply by county/municipality. Many Myrtle Beach-area businesses need to confirm the combined rate for their specific location(s) and how their POS system applies it. (dor.sc.gov)
When should I talk to a CPA—at tax time or earlier?
Earlier is almost always better. Tax preparation reports the year that already happened; tax planning helps you influence the outcome while you still have options.
Glossary (plain-English)
Standard deduction: A flat amount many taxpayers subtract from income instead of itemizing. It affects personal returns and can influence owner planning decisions.
Estimated taxes: Quarterly payments many business owners make to cover income tax and self-employment tax when taxes aren’t withheld from a paycheck.
Withholding (payroll): Taxes taken from employee paychecks and sent to taxing authorities on the employee’s behalf.
Sales & use tax: Sales tax is collected on taxable sales; use tax is typically due when taxable items are used in a state but sales tax wasn’t paid at the time of purchase.
Accountable plan: A formal reimbursement method that allows a business to reimburse employees/owners for business expenses (with documentation) without treating reimbursements as taxable wages.
