Networth and Chill with Your Rich BFF cover image

How Taxes Work

Networth and Chill with Your Rich BFF

CHAPTER

The Importance of Filing Taxes on Time

The penalty for failing to file represents 5% of your unpaid tax liability. The IRS just really, really wants you to file so that they can actually get their ducks in a row and figure out what their numbers are. On the flip side, if you're actually do a refund and you don't file your taxes, there's no penalty for failure to file though you do potentially lose the chance of getting that refund. That is an interest-free loan to the government.

00:00
Transcript
Play full episode

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner