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The interest clock is running, too

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in Small Business Tax,Small Business Tax Deduction Strategies

You’ll owe more than just back taxes and penalties if you file late or incorrectly. The IRS can charge interest on your underpayment amount.

Interest will be charged on unpaid income tax dating back to the return’s due date, even if you received an extension. (The extension is just for filing returns, not for paying tax.)

The IRS interest rate is compounded daily and adjusted on a quarterly basis.

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