How to Increase Your Chance of an Audit (Why Would You Want To?)
Ah, tax time. Our favorite time of the year. OK, cut the baloney. There are only two things in life that are certain, taxes and death. And sometimes the one can feel like the other.
Now, truth be known, there's every reason to believe you won't get audited by the IRS. After all, less than 1% of returns get the pleasure of an IRS audit. But that doesn't mean you can be sloppy or stupid when filing that return.
The Motley Fool website points out 10 different things that could...repeat, could...send up a red flag and have the IRS wondering whats going on.
A few examples?
Well, if you're one of the fortunate ones that made millions and millions of dollars last year, congratulations! But it's the high incomers (incomers? Is that a word?) that probably get the closest look from the IRS. The reason seems obvious.
But then there's the other end of the money scale. Apparently those that, for some reason, report very little income for the year...well, I guess the IRS wonders about that, too.
Then there's the possibility that while those business deductions make perfect sense to you, the IRS might scratch their collective heads and wonder what's up with that. And if you itemize those deductions and they're way above what the average is, that might raise a flag, too.
You can check out the details of what the Motley Fool says here and just remember, there's a 99% plus chance you won't be audited and everything will be 100% plum fine.
And if, for some unfathomable reason, you do enjoy tax time, don't worry...it'll come back around next year.