What is the penalty for late payment of taxes in Missouri?

In Missouri, the penalty for late payment of taxes can vary based on the type of tax owed and the duration of the delay in payment. Generally, the Missouri Department of Revenue imposes a penalty for late payments which is typically a percentage of the unpaid tax amount. This penalty may be assessed if taxes are not paid by the due date. The standard late payment penalty is usually five percent of the unpaid tax after the due date, with an additional one percent for each additional month the tax remains unpaid, up to a maximum of twenty-five percent of the total tax due. In addition to the penalty, interest may also accrue on the unpaid tax amount, which is compounded daily. The interest rate is determined by the state and is subject to change annually. It is important for taxpayers in Missouri to be aware of these potential penalties and interest charges to avoid additional financial burdens. Taxpayers who find themselves unable to pay their taxes on time are encouraged to explore payment plan options that may be available. For the most accurate and up-to-date information regarding penalties, taxpayers should visit the official Missouri Department of Revenue website, where they can also find relevant contact information if needed.