State eases tax deadline for Missouri farmers
Monday, February 11, 2013
The state income tax deadline for many Missouri farmers has been extended from March 1 to April 15.
A week ago, the federal government also extended the deadline for farmers to pay income taxes this year from March 1 to April 15.
Farmers who choose not to make quarterly estimated income tax payments normally must file their federal and state income tax returns and pay the full amount of taxes due by March 1.
But since state income tax payments are tied to federal deductions and the U.S. Internal Revenue Service has delayed accepting many tax returns this year, the Missouri Department of Revenue state income tax extension was needed.
Congress on Jan. 2 passed legislation raising taxes for some and making other changes to the 2012 tax code. This required extensive tax form revisions and caused the IRS to delay acceptance of tax returns from taxpayers making use of many common deductions, such as interest on mortgages.
Because of the delays, the IRS announced last week it will extend the deadline for farmers to pay income taxes until April 15, the same deadline for most other taxpayers.
The Missouri Department of Revenue and the IRS have both extended the income tax deadline for farmers from March 1 to April 15.
If eligible farmers miss the March 1 filing deadline they normally would be subject to penalties. But both the federal government and the state of Missouri this year have decided not to impose any underpayment penalties for farmers missing the March 1 deadline.
Brian K. Long, director of the Missouri Department of Revenue, said the decision gives many Missouri farmers, and a smaller number of fishermen, additional time to file their income taxes.
A taxpayer qualifies as a farmer or fisherman for the 2012 tax year if at least two-thirds of the filer’s total gross income was from farming or fishing in either 2011 or 2012.