What Happens If You Underreport Income or Overclaim Deductions?

The IRS doesn’t take inaccuracies lightly. If you underreport income or overclaim deductions and credits, you could face an accuracy-related penalty—20% of the underpaid tax. Combined with failure-to-file and failure-to-pay penalties, you’re looking at up to 50% in extra costs. Accuracy matters! #TaxPenalties #StayAccurate #IRSCompliance #TaxTips