How can I Mimimize my Chances of Getting Audited?
A business or individual is audited when the Internal Revenue Service (IRS) decides to look more closely how they have filed their tax returns. Being audited is not very fun, even if the person or business has been completely honest and up-front in their dealings with the IRS, and so learning how best to minimize the chances of being audited is important to many people. In the past few years, the IRS has begun an aggressive campaign to find and address tax evaders and those who file fraudulent tax returns. The bulk of this focus is on individuals earning in excess of 100,000 US dollars (USD) per year, or businesses worth more than 8 million USD. Nearly 2% of individuals and businesses in this bracket are audited each year. For people earning less than 100,000 USD each year and small businesses, the chances of being audited are immediately reduced drastically, with less than one-half of 1% being audited – a number that seems to be staying fairly steady, if not dropping somewhat. There a
A business or individual is audited when the Internal Revenue Service (IRS) decides to look more closely how they have filed their tax returns. Being audited is not very fun, even if the person or business has been completely honest and up-front in their dealings with the IRS, and so learning how best to minimize the chances of being audited is important to many people. In the past few years, the IRS has begun an aggressive campaign to find and address tax evaders and those who file fraudulent tax returns. The bulk of this focus is on individuals earning in excess of 100,000 US dollars (USD) per year, or businesses worth more than 8 million USD. Nearly 2% of individuals and businesses in this bracket are audited each year. For people earning less than 100,000 USD each year and small businesses, the chances of being audited are immediately reduced drastically, with less than one-half of 1% being audited ?a number that seems to be staying fairly steady, if not dropping somewhat. There ar
