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Dividends: Dividends to the extent included in federal taxable income are subtracted in determining Missouri taxable income. Dividends from a Missouri payor are apportioned and then subtracted from apportioned income.
Missouri LLCs are taxed the15. 3% federal self-employment tax rate (12.4% for social security and 2.9% for Medicare).
A composite return is allowed by the Missouri Department of Revenue for any partnership, S corporation, limited liability partnership, or limited liability company (treated as a partnership for tax purposes) with nonresident partners or S corporation shareholders not otherwise required to file a Missouri individual ...
Missouri franchise tax is paid by all corporations doing business in the state. Companies required to pay the tax must file Form MO-1120 or Form MO-1120S when paying their tax bill. Missouri has been collecting franchise tax from businesses since 1970.
Tax Rate Changes ? Indexed for Inflation If the Missouri taxable income is...The tax is...$0 to $1,207$0Over $1,207 but not over $2,4142.00% of excess over $1,207Over $2,414 but not over $3,621$24 plus 2.50% of excess over $2,414Over $3,621 but not over $4,828$54 plus 3.00% of excess over $3,6214 more rows
Tax Penalties The MO DOR assesses a 5% penalty per month up to 25% of the unpaid balance if you don't file your tax return on time. The state also charges a one-time 5% penalty if you pay your taxes late. MO DOR assesses both penalties the first day you are late.
PURPOSE: This rule explains the proper Missouri income tax treatment of net operating losses by corporations.
The NOL deduction cannot exceed the corporation's taxable income (after special deductions). An NOL deduction cannot be used to increase a loss in a loss year or to create a loss in a profit year.