Saturday, May 07, 2005

getting past tax deadline

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The deadline for filing you income tax is past, most have made the deadline, but there are those who have not.

If they owe money and cannot afford to lay out cash to pay the tax. they will have to pay a penalty of 5% plus more each month they do not pay it.
Many Seniors fall into this catagory, it is hard to come up with some cash at tax time, if you are on a fixed income.

There are ways to make the filing and paying of tax a little more bearable.

By putting money aside each week into a R.S.P, or by using one of the other tax deferal methods,
when tax time presents itself again, you will be ready.

Another method used, is having your employer deduct extra $ each pay period. ( if you have a job that pays)

Some prefer this method to make sure they do not have to pay more at the end of the year.
This method is not reccomended, as you do not make any money in interest.

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