Missouri shows its taxpayers 54 assorted credits that could reduce their tax bills.
The officially named miscellaneous credits, some for businesses, others for individuals, are administered by several government agencies, including the Missouri Department of Revenue.
It's an interesting list, but some tax credit titles in particular caught my eye: Charcoal Producers Credit, Demolition Tax Credit, Domestic Violence Tax Credit, Maternity Home Credit, Neighborhood Assistance Credit, Qualified Beef Tax Credit, Shared Care Credit and the Wine and Grape Production Credit.
Individual Missouri taxpayers who claim credits must do so by filing Form MO-TC. Fill it out — if you claim more than 10 credits, you'll have to attach an additional sheet listing the extras — and then attach it all to your tax return.
And don't forget to include any supporting documentation or additionally required forms, schedules and certifications.
Show Me State corporate filers claiming credits also must attach Form MO-TC when they send in Form 1120.
The process for claiming some of the credits does take some work. The Domestic Violence Credit, for example, requires the donor and shelter receiving the contribution to complete a credit application in addition to the usual tax-filing forms.
But thanks to the variety of credits, which can reduce a tax bill dollar-for-dollar, the extra work could add up quite nicely for many Missouri taxpayers.
Tax trip around the United
States: This post is part of our series highlighting tax
information from the 50 U.S. states and Washington, D.C. You can read other state tax blurbs at our Complete menu of tasty state tax tidbits.
The State Tax Departments page provides links to official state
and District of Columbia revenue Web sites so that you can find out more about
your home's tax laws and filing requirements.
As we work
through the 2010 tax season, a different state will be featured each day as
noted in Don't forget your state taxes! Check back to see what tax
tidbit we share about your home.
Related posts:
- State Tax Tidbits
- State Tax Departments
- Don't forget your state taxes!
- 9 states of no-tax note … sort of
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