Your Tax Return: Face it Now

Your Tax Return: Face it Now

Filing your income tax return is an important part of strategic financial management. Make this yearly chore work to your advantage with good planning.

The personal income tax deadline is April 30th. If you’re self employed, it’s June 15th; but your tax bill must be paid by April 30th (to avoid penalties).

Face it now
Finishing your tax return might seem as much fun as a bad sunburn, but you will enjoy greater peace of mind when the task is done. Avoid that uneasy feeling that comes from not doing something important for your financial well being.

The tax-averse struggle with missing receipts, lack of funds to pay what is owed, and the stress of a complex process. They want to play ostrich in the hope they won’t be discovered; but there are penalties for not paying what’s owed: 5% up front, plus 1% each month for a year.

These penalties get doubled if you are a repeat offender. Are you drowning in unfiled tax returns? Get this headache harnessed with a multi-year return; they’re more common than you might think.

Ask your Financial Advisor to help find the necessary documents and guide you. This chore will be less distressing with their expert advice.