KANSAS CITY, MO. — Federal and state taxes are due on July 15 after a two-month extension due to the hardships from the coronavirus pandemic.
Almost half of those in the U.S. having lost at least some employment income due to the virus. As industries were shut down in March and April, leaders delayed the filing deadline, knowing many would be required to pay additional taxes.
However, the extended deadline is now here. For federal taxes, late filings are usually subject to a penalty equal to 5% of what a person already owes, according to the IRS. That fee will increase by 5% every month a person is late.
The Missouri late fee is the same as the federal. 5% will be added to the owed amount up to 25%.
In Kansas, only 1% of the owed amount will be added on, increasing every month up to 24%.
Here are a few tips on what you need to know when filing your taxes:
- Make sure all tax documents are readily available (W-2s, 1099s, 1098s and any child tax credits).
- If you don’t have those documents, reach out to the respective institutions to obtain them.
- Look at prior tax returns and make sure you capture all income and deductions.
- Pay any tax liabilities.
- Do your homework before trusting a professional service with your tax filings
If someone needs another extension they should contact the IRS. Another extension can be given, and that deadline is Sept. 15.