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April 15th is the deadline for most people to file
their individual income tax return and pay any tax owed. Tax returns
are checked for mathematical accuracy. If there is any money owed,
the IRS will send you a bill. Generally, interest is charged on any
unpaid tax from the due date of the return until the date of
payment. The interest rate is determined every three months and is
the federal short-term rate plus 3 percent.
Calculating interest and penalties can be a time
consuming task, the best way of handling is to file your tax return
as soon as possible if you think you are going to owe.
For more information, please contact our offices at
info@mbflegal.com or call us directly at 312-466-0800.
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