No one wants to be audited by the IRS. In fact, that’s pretty high up on most people’s list of things they fear. And even though the IRS is mostly concerned with going after big tax fraud, average taxpayers are still at risk of an audit. But here are some tips to watch out for that can help decrease your chances, according to tax experts.
- Be sure to report all of your income. Even the slightest discrepancy between what you file with your taxes and what has been reported to the IRS can trigger an audit. Make sure you report every source of income you made during the year.
- Double check your return for mistakes. Even a small mistake in math or in your Social Security number can trigger an audit.
- Be able to back up deductions such as home office, business vehicle use, and business entertainment. These are legitimate deductions, but are also an area where many people overstate expenses. Because of that, your legitimate deductions may trigger an audit.
If you do get contacted by the IRS for an audit, don’t panic. Contact us at Levy and Associates for your audit defense. With our experience dealing with the IRS, we can help you make your case. We are also here for you if you need tax help or tax resolution services.