Why You Should File Your Tax Return Early in Missouri

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(No Transcript)
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Why You Should File Your Tax Return Early in
Missouri
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Delaying Can Cost You

• To most people, April 15th is nothing more than
  an annoyance, a day you have to spend completing
  your tax return before sending it off to the
  government and hoping you dont get audited next
  year. Of course, it doesnt have to be that way!
  If you file your Missouri tax return early, you
  can save yourself tons of money in the long run.
  Here are just some of the benefits of filing your
  tax return early this year.

If you wait until April 14 to file your state tax
return in Missouri, you may get socked with a 5
percent late filing penalty and interest of up to
1.5 percent on your balance due. If youre able
to pay early, do it as soon as possible so you
can save that extra money. Getting an extension
doesnt make sense financially because doing so
will only give them more time to claim his due.
And dont forget about that federal tax refund!
The IRS says you should start checking on your
refund within three weeks after filing
electronically or four weeks after mailing a
paper return. But dont check too oftenthe
agency says using its online tool is enough to
keep tabs on where your refund stands.
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Get Started with eFile

• eFile is a program offered by many states and/or
  counties that allows residents to file their tax
  returns electronically. eFile systems work
  through third-party software providers, meaning
  youll need to select an eFile provider before
  you can file your tax return. Some states have
  more than one eFile provider dont worry if you
  dont find what youre looking for right away.
  Once youve selected an eFile provider, you can
  get started filing your tax return. Note it may
  take up to three weeks for your state or county
  to process your tax return after it has been
  filed with an eFile provider. If you havent
  received confirmation of receipt from your state
  or county within three weeks of filing with an
  eFile provider, contact them directlyyou may
  have been charged incorrectly or there may be
  some other issue preventing them from processing
  your tax return.

Stay Ahead Of The Game
Despite your best efforts, you might still find
yourself scrambling at tax time.
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A Filing Extension May Save Money

• If you wait until April to file, youll not only
  have missed out on any refunds or tax credits
  that could lower your tax burden but youll also
  be taxed at a higher rate than if you filed
  early. Thats because Missouri has many policies
  in place to prevent taxpayers from filing their
  taxes late. For example, if you owe money and
  dont pay it by June 15th, you can expect an
  additional 1 penalty for every month past June
  that your payment is overdue. And those penalties
  are cumulativeif you didnt pay your tax bill by
  June 15th and then didnt pay it again by July
  15th (for example), you would face penalties
  equal to 2 of what you owed for each month
  between June and July.

Filing an extension with your state may be a good
option if youre not sure how much money you owe
or how much of a refund youll receive. Unlike
federal extensions, which do not carry over to
state returns, filing an extension with your
state will ensure that you wont need to pay
penalties for filing late. Missouri taxpayers to
file both their federal and state tax returns.
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Know The Risks When Filing An Extension

• The tax deadline is different from year to year,
  so its important to keep track of when you need
  to submit your return. If you miss it, there are
  steps you can take to avoid costly fines and fees.

In some cases, it may make sense to file an
extension. However, you should be aware that
while extensions give you more time to get your
tax return in, they dont eliminate interest or
late-filing penalties on your final tax bill. If
you owe money and cant pay it when its dueor
if you decide to push off filingyour best bet is
to file for an extension as soon as possible.
This will keep you from incurring a
failure-to-file penalty, which could amount to 5
of your unpaid taxes per month (up to 25) if not
paid by April 15. It also gives you extra time to
gather all of your tax documents together before
sitting down with a professional tax preparer.
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File Even If You Cant Pay Yet

• If you havent filed your taxes yet and cant
  pay, dont worry. If you owe more than 50,000 or
  have overdue federal debt, such as student loans
  or a car loan with a Federal Reserve Bank, you
  may be ineligible for an installment agreement
  however, you can still file and apply for an
  extension on time. The IRS allows taxpayers to
  request an automatic six-month extension until
  October 15 by filing Form 4868.

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Contact Us

• Address - 7220 N. LINDBERGH BLVD. SUITE 170
  HAZELWOOD, MO 63042
• Phone - [phone]
• Email - support_at_dtkfinancialgroup.net
• Website - https//dtkfinancialgroup.net
• Blog - https//dtkfinancialgroup.net/why-you-shoul
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