IRS Issues Recommendation on How to Pay Taxes on Time, Avoid Penalties

Published on March 16, 2024

The Internal Revenue Service (IRS) issued a tax guide on Thursday, listing out the various electronic payment options taxpayers can use when paying tax dues on time. The deadline for filing and paying income taxes for the 2023 tax year is April 15, 2024. Any delay in filing taxes can attract penalties and interest. Taxpayers who find it difficult to file their returns on time can request a six-month extension before April 15. This will avoid penalties and interest charged, giving taxpayers time until Oct. 15 to file. However, taxpayers should pay what they owe by the April 15 deadline. “Taxpayers who can’t pay the full amount of taxes they owe by April 15 should file and pay what they can to reduce total penalties and interest,” the agency said on March 14 while listing out some of the electronic payment methods that can be used to pay off tax dues....

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