DEADLINE TODAY FOR FILING SECOND-QUARTER STATE TAX PAYMENTS

Today is the deadline for taxpayers to file their second-quarter Missouri estimated quarterly tax payments without penalty.

Missouri Director of Revenue Janette M. Lohman reminded taxpayers that residents and non-residents are required to make a declaration of estimated tax if their Missouri quarterly tax is at least $100.

"Anyone who is not making timely payments on their Missouri income taxes must file a Declaration of Estimated Tax Form (MO-1040ES)," said Jim Callis, director of taxation with the Missouri Department of Revenue. "If these estimated taxes are not made, persons will be charged interest on any underpaid balance."

Lee Kimmel, district manager of H&R Block Tax Service, 1471 N. Kingshighway, explained that the estimated tax program is basically for people who own businesses, or those who are nonsalaried.

"The program can also apply to individuals who are salaried but have extra income from stocks and bonds or other interests," said Kimmel. Some pensioners will also fall under the quarterly filing plan"

Kimmel cited another example of extra income.

"If a person sells property and makes a profit on it, he or she should calculate their taxes in the quarter in which the sale is made, Kimmel said. "They may find that it would be feasible for them to file the estimated tax report."

"More and more people now have supplementary incomes and should file estimated tax," said Callis. "If they don't make these time payments, they will face interests charges."

Again, simple calculations will determine the need for the estimated payments, said Kimmel. In some instances it may be wise for individuals to consult with a tax professional well before the tax year ends."

Usually a person's tax accountant or tax preparer will cite the need for estimated payments, said Callis. "But only 40 percent of the people use accountants."

"It's part of our job to inform taxpayers of the need for estimated filings," said Kimmel in reference to the H&R Block Co.

Some salaried persons with extra income have requested that their employer withhold an extra amount each week.

"The quarterly taxes provide people an opportunity to set aside funds to pay for their state income taxes," said Callis. "The bottom line is that these payments must be made or taxpayers will be penalized 2.5 percent per quarter, or at the annual rate of 10 percent."

Those filing the quarterly payments must have the second-quarter taxes in by June 15.