1. Taqwa is a means by which a believer performs righteous deeds and Taqwa causes the righteous deed to be accepted by Allah.
Allah says: "O you who believe! Have Taqwa (fear) of
Allah and always speak the truth. He will direct you to do righteous and correct actions and will forgive you your sins and whoever obeys Allah and His Messenger has indeed attained a great achievement." [Sura Al-Ahzaab
(33): 70-71]
2. Taqwa makes one deserving of Allah's Pleasure and Love. Allah says: "Verily, the most honorable of you in the Sight of Allah is that (believer) who has Taqwa." [Sura Al-Hujurat (49): 13] and: "Whoever fulfills his pledge and has Taqwa of Allah
much, then indeed, Allah loves those who are muttaqoon (those who possess Taqwa)." [Sura Aal-Imraan (3): 76]
3. Taqwa causes sins to be forgiven and increases rewards. Allah says: "And whoever fears Allah and keeps his duty to Him, He will remit his sins from him, and will enlarge his rewards." [Sura At-Talaaq (65): 5]
4. Taqwa keeps one steadfast on the Straight Path and protects him from deviation.
Allah says: "O you who believe! Have Taqwa of Allah. He will give you a Furqaan (criterion to judge between right and wrong)." [Sura Al-Anfaal (8): 29]
Imaam Ibn al-Katheer (rahimahullah) said in his Tafseer that 'Ibn Abbas, as-Sudde, Ikrimah, adh-Dahhak, Qataadah and Muqaatil, Ibn Huyyan, all said about 'Furqaan' that it means a way out (from difficulty).