Blog & resources

An IRA (Individual Retirement Arrangement) is a tax-favored savings plan for retirement, available in types like traditional and Roth IRAs. Traditional IRAs offer tax-deductible contributions with taxed distributions, while Roth IRAs provide tax-free distributions. Contributions require taxable compensation and have specific rules for rollovers and distributions.

Eligible K-12 educators can claim a deduction of up to $300 ($600 for married educators filing jointly) for out-of-pocket expenses on classroom supplies and technology.

Governor Mike Parson announced a fifth income tax cut, lowering Missouri's top income tax rate to 4.7 percent. This cut, triggered by the state's strong economy, marks a more than 20 percent decrease in income tax burdens during his administration.

Homeowners and renters making energy-efficient improvements can qualify for home energy tax credits by filing Form 5695. There are two main tax credits available: the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit. These credits cover specific types of improvements, such as exterior doors, windows, solar panels, and more, with varying percentage limits and caps.

The Senior Property Tax Freeze Program is now open for applications, with an easy online portal available and in-person assistance at select county locations, offering seniors until June 30, 2025, to apply.