Missouri 1040: Fill & Download for Free

I’d recommend reading the Form 1040 instructions. Where you send it depends on where you live and whether or not you are including a payment. Tax filings with payments tend to go to one of three centers in Kentucky, Ohio, or North Carolina. Tax filings without payments tend to go one of four centers in California, Utah, Texas, or Missouri.

If the feds allow you to deduct state taxes but you don't pay state taxes…I don't see what the problem is. I pay state taxes in Missouri. It's oh well…deduct on the 1040 and still have to file state tax return. I get refunds but I pay in a fair amount too.

I’m going to simplify the answer to this question, because it’s really not that difficult.A single member LLC is a disregarded entity. That means that the P&L is reported on your individual tax return, on a schedule C, just like you were a sole proprietor.This makes the federal tax reporting very simple. So, what do we do with the states?The issue of a “foreign entity” from a state standpoint means only that you have a LLC which was formed in another state. From a LLC standpoint, it means you have to register the LLC and perhaps pay a registration fee to the State. Usually these have nothing to do with the income earned by the LLC. ( A notable exception is California, which assesses a minimum $ 800 tax and then tops it with a percentage of gross sales tax, which wacko as it is, is separate from income taxes per se)So, getting back to your 1040, how will you report this for State tax purposes? Most states use either a 1 or 3 factor formula to allocate NET INCOME from schedule C to their state. So, we DO NOT go back and create separate income statements per state, which would be a bookkeeping nightmare. We take the total income from all states, deduct the expenses from all states and derive a net income, the same net income we are going to report on our 1040 federal return.The apportionment to states depends upon one of two generally used methods:Single factor apportionment: the income is allocated based upon sales in the state compared to total salesMulti-factor apportionment: the average of three ratios - state sales to total sales, state located property to total property, and state payroll to total payroll.A few states have different approaches. Missouri, for example, will allow you to do a special allocation based upon actual net income in that state. The point here is that each state has a slightly different allocation formula.You will compute the state taxes due in each state other than your home state. In your home state, you pay taxes on all the income, earned from whereever. That sounds like you are going to be subject to double taxation, but there is one last step.You get a credit in your home state for the taxes paid on all “foreign” states — all those other states you had to file and pay in. That reduces the “double taxation” - generally eliminating it.So, if this all sounds complex, it really isn’t… but it is a good opportunity for you to seek the advice of a good CPA or EA to help you maximize your tax savings.