Welcome to today’s episode, where we're tackling an important question: what happens if you don’t file your taxes? With all the changes happening at the IRS, like job cuts under Elon Musk’s Department of Government Efficiency, some might think they can avoid filing. But remember Benjamin Franklin's words: “Nothing is certain except death and taxes.”

As the IRS faces significant layoffs, it doesn’t mean the consequences of not filing disappear. If you miss the April 15, 2025 deadline and owe, expect penalties around 5 percent of unpaid taxes for each month until you reach a maximum of 25 percent. That’s serious money! Even if you don’t owe any taxes, failing to file could mean missing out on refunds—file within three years or Uncle Sam keeps your money.

To avoid fees, file for an extension by April 15 using Form 4868. But keep in mind, even with an extension, you need to pay estimated taxes on time.

So, don’t let the IRS's cuts make you complacent. Filing your taxes is still crucial! Thanks for tuning in.
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