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Submitted By: someone
Answered: October 6, 2020 12:18 am
Answered: October 6, 2020 12:18 am
What interest does the IRS charge for taxes that are not paid in full?
The IRS sets an interest rate each quarter that is applicable to underpayments by individuals. The rate for the third and fourth quarters of 2020 is 3%. You can see all interest rates listed by the National Association of Tax Professionals at https://bit.ly/3bVcCmw.
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Tax Glossary
Tax deferral
Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.
