What If I Wait To Pay My Taxes?

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
What If I Wait To Pay My Taxes?

Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
Many times people ask me, “Hey if I don’t pay my taxes now, how much am I going to owe If I wait and pay them later?” It’s a great question. It’s not quite as black and white as we might like. The IRS does assess pretty much an eight-and-a-half percent interest rate. And then penalties range from five to 15 up to 25%, depending on if it’s failure to pay, failure to file, failure to make quarterly fees. All of them have different rates. So if you add those together, you’re looking at a possible 32% tax penalty for not paying or filing on time. If you want to find out a way to avoid that, you should call me at 615-367-0819.

Announcer 0:51
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.