Individual Income Tax Forms
Form MO-1040 Individual Income Tax Return Long Form
Form MO-1040 Individual Income Tax Return Printable
Corporate Income Tax Forms
Form MO-1120S Missouri S Corporation Income Franchise Tax Return
Form MO-1120 Missouri Corporation Income Franchise Tax Return
Sales Tax Forms
Form 53-C Consumer’s Use Tax Return
Property Tax Forms
Form MO-1040P Income Tax Return and Property Credit Tax Claim (Short Form)
Form MO-PTC Property Tax Credit Claim
Form MO-PTS Property Tax Credit
Missouri Tax Forms: Your Comprehensive Guide
As residents of Missouri, we all know that filing our taxes can be a confusing and stressful task. With constantly changing rules and regulations, it can be challenging to keep up with everything and ensure that we are filling out our forms correctly. This is why understanding the different Missouri tax forms available and how to use them is crucial. In this article, we will take an in-depth look at Missouri tax forms, how to fill them out, and the most recent updates from the government.
Individual Income Tax Forms
For Missouri residents, the most common tax form is the Individual Income Tax Return Form MO-1040. This form is for residents who need to file income tax returns with the Missouri Department of Revenue. The form must be filed by April 15th every year and residents must submit their state returns electronically or by mail. This form includes four different sections, namely:
– Personal Information: This section is where the taxpayer’s personal information, including their name, address, and Social Security number, is entered.
– Income: This section of the form is where the taxpayer enters their income information. The income from all sources, including wages, salaries, tips, bonuses, interest, dividends, and capital gains, must be reported on this section.
– Deductions and Credits: In this section, the taxpayer can claim deductions and credits that they are eligible for. Deductions reduce your taxable income, while credits reduce your tax liability dollar for dollar. Some of the deductions and credits available in Missouri include the standard deduction, itemized deductions, and credits for childcare, education expenses, and property taxes paid.
– Taxes Owed and Refund: This section is where the taxpayer will calculate their tax liability or refund. Once the taxpayer enters all their income and deductions, they will subtract any tax credits they are eligible for and the resulting amount will be their tax liability. If the tax liability is less than the amount of tax payments made during the year, the taxpayer will be eligible for a refund.
Other Missouri Tax Forms
In addition to the MO-1040 form, there are several other Missouri tax forms that individuals may need to file, depending on their specific circumstances. Some of the most common additional forms include:
– Need help paying your taxes? Use form MO-1120ES: Estimated Tax Declaration for Corporations and S Corporations. This form is used by businesses to declare and pay estimated taxes throughout the year.
– If you have income from farming or fishing businesses, you may need to file Form MO-1040P: Missouri Income Tax Return – Long Form (Farming and Fishing Income).
– If you have income from rental real estate, you may need to file Form MO-1040V: Missouri Income Tax Return – Long Form (Rental Real Estate Income).
– If you have income from a non-resident state or city, you may need to file Form MO-NRI: Nonresident Income Tax Return.
Updates to Missouri Tax Forms
The Missouri Department of Revenue may make updates to their tax forms and instructions each year. These updates typically include changes made by the federal government as well as changes necessary to conform with Missouri law. Recent updates to the Missouri tax forms and instructions include:
– On July 8th, 2021, Governor Mike Parson signed a bill into law, SB 153, that makes some changes to Missouri’s income tax system. One change is that Missouri’s top individual tax rate will be gradually reduced from 5.4% to 4.8% by 2024. The law also increases the standard deduction for taxpayers, starting in 2022.
– In 2020, Missouri implemented changes to the state’s tax withholding tables to align with the changes made by the federal government. These changes were made to reflect the Tax Cuts and Jobs Act (TCJA) that was signed into law in 2017.
– In 2019, Missouri updated its tax law regarding how businesses report and pay state sales and use taxes. The law requires businesses to file sales and use tax returns electronically if the business had more than $5,000 in sales or use tax liability in the previous fiscal year. The law also provides new exemptions for certain types of products and services.
Conclusion
In conclusion, filing your taxes can be a stressful and confusing process, but understanding the different Missouri tax forms and their purpose can help make the process smoother. As a Missouri resident, it is essential to be aware of the updates to your tax forms and to take advantage of the deductions and credits available to you. Remember that these forms are available online and can be easily accessed through the Missouri Department of Revenue’s website. Filing your taxes correctly and on time can help you avoid penalties and ensure that you receive any refunds you are entitled to.
