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According to the IRS, there are five types of income you may need to declare on your 2023 return: goods created and sold on online platforms; investment income; part-time or seasonal work; self-employment or other business activities; and services provided through mobile apps.."Using an automated system, the Automated Underreporter function compares the information reported by third parties to the information reported on your return to identify potential discrepancies.
But you might not only be facing a bill for the taxes you originally owed in this case: Taxpayers can also befor a number of different reasons, including filing an inaccurate return. If you don't declare all your income, you may get hit with anfrom the IRS as well. For a substantial understatement of income, you could be looking at a penalty worth an additional 20 percent of your underpaid taxes.
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