One thing many people don't undestand is that the Federal Laws may impact their state taxes. It may not be true for every state but it does for Missouri. There are two reasons...first Missouri generally follows the Federal laws when it comes to standard deduction and exemptions. It also follows standard versus itemized deductions. Finally, Missouri also gives individuals a deduction for Federal taxes up to $5000 for individuals and $10000 for married couples. So that will mean deductions on the Missouri return will go down. It appears Missouri is working on new tax tables to take these things into account.
4/22/2021 01:38:52 am
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Aimee Sanita is the owner of Circle Tax & has been doing taxes for over 20 years.