Tax Time is fast approaching
Personal tax returns are due to be filed by April 30th every year, we all know that, right? What you may not know is that, if you have self-employment income during the tax year (if you run your own small business for example), you AND your spouse don’t have to file your tax returns until June 15th. Pretty awesome, right? An extra month and a half to get your taxes in!
Here’s the funny part…. you don’t have to FILE your tax returns until June 15th, but if you have a balance owing for the tax year, you still have to PAY your taxes by April 30th.
Seriously, yup…most people I know need to have their taxes prepared before they know whether they have a refund or a balance owing. It’s not something you can just rattle off on a calculator, and if you’re going to do your taxes before April 30th, you might as well file them too!
So before you go ahead and wait until June to file your tax return, you better make darn sure that you have a refund coming. Because if you don’t, you’ll be paying interest on the balance that you owe for every day after April 30th that you don’t pay.
The moral of my story?: Why wait? The sooner you get your taxes done, the better.
Posted on May 19, 2012, in Accounting, Did you know???, Tax Time and tagged 2015 taxes, bookkeeping, bookkeeping in calgry, business, business mileage, calgary bookkeeping, CRA, federal tax bracket, Mileage, refundable tax credits, tax brackets, tax planning, TFSA, transportation, www.allprobookkeeping.ca. Bookmark the permalink. 1 Comment.