Pay me now or pay them later.

9% compounded annually plus 1/2% compounded monthly. No these are not the rates of return on your stock portfolio. They are the interest and penalty rates charged by the Internal Revenue Service for late payment of your income taxes. Some time spent now with a CPA is a small price to pay when compared to the onerous cost of penalties and interest.

With just about 4 weeks left in the tax year there are still some steps individuals and businesses can take to reduce their tax liability and avoid penalties and interest. What you spend now with a good CPA will usually be substantially less than the penalties and interest you can avoid. Together you can make sure the government gets their fair share and not a penny more.