Why You Should File Your Tax Return Early in Missouri

2. Why You Should File Your Tax Return Early in Missouri

3. 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 don’t get audited next year. Of course, it doesn’t 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 you’re able to pay early, do it as soon as possible so you can save that extra money. Getting an extension doesn’t make sense financially because doing so will only give them more time to claim his due. And don’t 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 don’t check too often—the agency says using its online tool is enough to keep tabs on where your refund stands.

4. 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 you’ll need to select an eFile provider before you can file your tax return. Some states have more than one eFile provider; don’t worry if you don’t find what you’re looking for right away. Once you’ve 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 haven’t received confirmation of receipt from your state or county within three weeks of filing with an eFile provider, contact them directly—you 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.

5. A Filing Extension May Save Money If you wait until April to file, you’ll not only have missed out on any refunds or tax credits that could lower your tax burden but you’ll also be taxed at a higher rate than if you filed early. That’s because Missouri has many policies in place to prevent taxpayers from filing their taxes late. For example, if you owe money and don’t 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 cumulative—if you didn’t pay your tax bill by June 15th and then didn’t 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 you’re not sure how much money you owe or how much of a refund you’ll receive. Unlike federal extensions, which do not carry over to state returns, filing an extension with your state will ensure that you won’t need to pay penalties for filing late. Missouri taxpayers to file both their federal and state tax returns.

6. Know The Risks When Filing An Extension The tax deadline is different from year to year, so it’s 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 don’t eliminate interest or late-filing penalties on your final tax bill. If you owe money and can’t pay it when it’s due—or if you decide to push off filing—your 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.

7. File Even If You Can’t Pay Yet If you haven’t filed your taxes yet and can’t pay, don’t 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.

8. Contact Us : • Address - 7220 N. LINDBERGH BLVD. SUITE 170 HAZELWOOD, MO 63042 • Phone - (314) 370-2155 • Email - support@dtkfinancialgroup.net • Website - https://dtkfinancialgroup.net • Blog - https://dtkfinancialgroup.net/why-you-should-file-your-tax-return-early-in-missouri/