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@mccormicktaxgroup.com or call us directly at 312-466-0800.