The Senac Group Frequently Asked Tax QuestionsCall Us Today
Located in Mississauga servicing Scarborough, Toronto and Mississauga
Can I file my taxes late?
You can file your taxes late, but it’s best to avoid it if you can. If you owe taxes, filing late can lead to additional penalty fees. The sooner you file a tax return, the better off you will be.
What happens if I file my taxes late?
Filing your taxes late may mean that you owe back taxes. If you owe back taxes, you can incur late-filing penalties (see below). Altogether, filing late can overcomplicate your tax situation, and it may mean that you’ll have to pay more than what you initially owed.
You will not incur penalties if you have already paid your taxes but have not filed your return.
What happens if you owe back taxes?
If you owe the government money in back taxes, you may face interest charges and penalty fees, starting with a failure-to-file penalty. Over time, these surcharges can amount to a considerable sum of debt.
You can avoid paying unnecessary penalties by filing your taxes on time every year. If you cannot pay the full amount you owe, you can also file an extension or tax deferment.
Is there a penalty for not filing tax returns?
It depends. If you have paid your taxes but have not filed a tax return, you will not face any penalties. If, however, you have not paid the full amount of tax that you owe, you will incur a failure-to-file pen-alty, as well as further penalties and interest charges over time.
Even if you have paid your taxes, it’s still best to file your tax return. You may receive some money back, and you will avoid overcomplicating your tax situation, making it easier to file in future years.
Do you have to file your taxes every year?
Most people have to file their taxes every year, yes. But contrary to popular belief, not everyone does. If your income does not exceed the minimum tax threshold, then you do not have to file a tax return. Nevertheless, it’s best to file every year so that you can claim potential tax credits and avoid future paperwork problems.
What’s the latest I can file my taxes?
To file on time, you must file your taxes by the deadline in April. However, you can still file your return past the deadline. It will be considered late, so you may have to pay penalties if you owe any tax.
Will I get fined for a late tax return?
If you owe taxes, you will incur late fees and have to pay interest. These charges will accrue each month, so it’s best to file your tax return as soon as possible.
Can I check the status of my tax refund?
Yes! You can check the status of your refund online by logging into the government website.
For additional assistance, feel free to contact our office at (416) 335-4999.
Why should I hire a tax preparer?
Hiring a tax professional can help save you time, stress, and money on your taxes. By assessing your tax situation, they can work with you to minimize your tax liability while ensuring your tax return is processed quickly and correctly.
Will a professional get me a greater tax return than doing my taxes on my own?
A professional can get you a greater tax return. An expert like ourselves can help you find potential tax credits, maximize your deductions, and ensure you get the most out of your tax return.