The tax deadline of April 30th is fast approaching. If you’ve waited to the last minute to prepare your income tax return you are likely worried about late filing penalties and late payment interest charges. One thing to remember is that penalties and interest charges (apart from installment interest charges), are calculated on the amount owing as of the filing deadline. If you have a rough idea of what you owe, you can make a payment in advance to reduce or eliminate the amount used in the penalty and interest calculation.
If you have any self-employment activity to report you will receive a filing extension through to June 15th. The payment is still due April 30th so interest charges will still apply, but the late filing penalty is not applicable so long as the return is filed by June 15th.
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