Freighter travel may seem to have much less going on than a regular cruise ship because there are no planned activities, but there is plenty of time to read, get some sun, and take some time for yourself in the great outdoors!
Interest accrues on the unpaid balance and compounds daily from the due date of the return (without regard to any extension of time to file) until you pay the balance in full. The interest rate is the federal short-term rate plus 3%. The federal short-term rate is determined every three months. For the current quarterly interest rate on underpayments, search interest rates in the News Release and Fact Sheet Archive or quarter interest rates on IRS.gov. Failure to pay penalty is charged for failing to pay your tax by the due date. The late payment penalty is 0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%.
Example #2: Say you earned $85,500 in 2015. About $50,000 of your income will be taxed at a 25% federal tax rate. If you somehow managed to pay $50,000 of mortgage interest for 2015, your taxable income is only $35,500. As a result, you are paying $50,000 X 25% = $12,500 less in Federal taxes.