A Guide to Missouri Tax Filing Extensions

A Guide to Missouri Tax Filing Extensions

Filing taxes can often be a stressful experience, and sometimes, you may find that you need extra time to complete your Missouri tax return. Understanding the process for requesting a tax filing extension in Missouri is crucial for both individuals and businesses. This guide will walk you through everything you need to know about Missouri tax filing extensions.

What is a Tax Filing Extension?

A tax filing extension allows taxpayers to postpone the deadline for submitting their tax returns. It is important to note that while an extension grants you more time to file your tax return, it does not extend the time you have to pay any taxes owed.

Who Can Request an Extension?

Any individual or business who needs additional time to file their Missouri tax return can request an extension. This includes:

  • Individual tax filers
  • Corporations
  • Partnerships
  • LLCs

How to File for a Tax Extension in Missouri

To request an extension in Missouri, you need to file Form MO-60, also known as the Application for Extension of Time to File Missouri Income Tax Return. Here are the steps to follow:

  1. Complete Form MO-60: This form can be downloaded from the Missouri Department of Revenue website. Gather the necessary information, including your name, Social Security number, and estimated tax liability.
  2. Submit the Extension Form: Mail or electronically submit Form MO-60 by the original tax return due date. You can file it online if you use a tax software program that supports this feature.
  3. Pay Any Taxes Due: If you owe taxes, ensure to pay at least 90% of your estimated tax liability by the original filing deadline to avoid penalties and interest.

Deadlines for Extension Requests

The deadline for requesting a filing extension typically aligns with the original due date of your tax return. For individual taxpayers, this is usually April 15th. If that date is a weekend or holiday, the deadline is extended to the next business day.

Duration of the Extension

In Missouri, an extension grants you an additional six months to file your tax return. Therefore, if you file an extension by April 15, your new deadline will be October 15. Keep in mind that this extension only applies to filing your return; you still must pay any owed taxes by the original due date.

Consequences of Failing to File or Pay

If you fail to file your tax return by the extended deadline, your return may be subject to penalties and interest. The penalties can be significant, so it’s crucial to make every effort to file your return on time.

Final Tips

Before submitting your extension request in Missouri, here are some final tips:

  • Keep records of your extension submission in case of any discrepancies.
  • Consider estimating your taxes as accurately as possible to reduce potential penalties.
  • If you need more time beyond the six-month extension, consult a tax professional for guidance.

By understanding the process and deadlines for Missouri tax filing extensions, you can ensure a smoother tax season without unnecessary stress. Remember to always stay informed about the latest tax rules and regulations to make the most of your filing experience.