We owe federal taxes for this year, I already filed and paid a portion of the owed amount but there is a remaining balance. I am trying to decide if paying using the 120 days plan is a good option.
Is there a formula on how the IRS calculates interest? I know the interest is around 3% changing every quarter, compounded daily. I have been trying to figure what is the formula to calculate how much interest would I end up paying at the end of the 120 days plan. Or would it be better to use a credit card balance transfer offer.
