King bell
VIP Contributor
When it comes to taxes, the biggest fear for many Americans is an audit from the IRS. No one wants to go through the hassle and stress of an audit, and unfortunately, the IRS does not have a great reputation for being fair or reasonable.
So, what can you do to protect yourself against an IRS audit?
There are a few things you can do to lower your chances of being audited:
1. File your taxes on time. The IRS is more likely to audit taxpayers who file late or have missing information on their tax returns.
2. Make sure your numbers add up. Incorrect or missing information on your tax return can trigger an audit.
3. Keep good records. The IRS may audit you if they think you’re not reporting all of your income. Be sure to keep records of all of your income, expenses, and charitable donations.
4. Don’t claim too many deductions. The IRS may be more likely to audit you if you claim a lot of deductions, especially if they seem unusually high for your income level.
5. Be careful with your home office deduction. The home office deduction is one of the most commonly audited deductions. Be sure to only claim the deduction if you meet all of the requirements, and keep good records of your expenses.
By following these tips, you can help reduce your chances of being audited by the IRS. However, even if you do everything right, there’s still a chance that you could be audited. If you are audited, don’t panic! Just be sure to cooperate with the IRS and provide any information they request.
So, what can you do to protect yourself against an IRS audit?
There are a few things you can do to lower your chances of being audited:
1. File your taxes on time. The IRS is more likely to audit taxpayers who file late or have missing information on their tax returns.
2. Make sure your numbers add up. Incorrect or missing information on your tax return can trigger an audit.
3. Keep good records. The IRS may audit you if they think you’re not reporting all of your income. Be sure to keep records of all of your income, expenses, and charitable donations.
4. Don’t claim too many deductions. The IRS may be more likely to audit you if you claim a lot of deductions, especially if they seem unusually high for your income level.
5. Be careful with your home office deduction. The home office deduction is one of the most commonly audited deductions. Be sure to only claim the deduction if you meet all of the requirements, and keep good records of your expenses.
By following these tips, you can help reduce your chances of being audited by the IRS. However, even if you do everything right, there’s still a chance that you could be audited. If you are audited, don’t panic! Just be sure to cooperate with the IRS and provide any information they request.
