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 interest charges. The penalties and interest charges are calculated on the amount owing as on the filing deadline. If you have an estimate of what you owe, you can make a payment in advance to reduce or eliminate the penalty and interest calculation.
If you have any self-employment income to report, you can file your taxes till June 15th but the payment is still due on or before April 30th , but the late filing penalty is not applicable as long as the return is filed by June 15th.