WHAT ARE THE BENEFITS OF PAYING MY TAXES ON TIME?

WHAT ARE THE BENEFITS OF PAYING MY TAXES ON TIME?
By law, the IRS may assess  penalties  to taxpayers for both failing to file a tax return and
for failing to pay taxes they owe by the deadline.
If you’re not able to pay the tax you owe by your original filing due date, the balance is
subject to  interest  and a monthly late payment penalty. There’s also a penalty for failure
to file a tax return, so you should file timely even if you can’t pay your balance in full. It’s
always in your best interest to pay in full as soon as you can to minimize the additional
charges.
BENEFITS
 Avoid accruing additional interest and penalties
 Avoid offset of your future refunds
 Avoid issues obtaining loans

If you can’t pay the full amount due, pay as much as you can and
visit  IRS.gov/payments  to consider our online payment options.
(IRS Web Site Updated 08/25/22) (TTT 09/20/22)