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State extends income tax deadline for farmers

State extends income tax deadline for farmers

February 10th, 2013 in News

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.