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Thank you. But since I'm not an accountant I don't understand if the interest calculates in the same way as a credit card or if it accumulates more quickly.
For example at the current rate how much interest would you owe on $1000 in a year?
@rss591 Interest is computed on a daily basis, so each day you are late paying your taxes, you'll owe 0.0082% of the balance. So, if you owe the IRS $1,000 and you're 90 days late, first calculate your daily interest charge, which would be about $0.082.
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