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How Taxes Work
Networth and Chill with Your Rich BFF
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.
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