8 IRS Audit survival tips

by Rate Nerd on May 1, 2012

The IRS audited 11 percent more returns in 2010 over the year before,  and more than double the agency’s pace just eight years earlier.

That’s almost 1.6 million individual taxpayers in 2010, and that pace may continue rising as the government works harder to collect every dollar it’s owed under the tax code.

If you get a letter from the IRS, don’t take it personally. “The government isn’t accusing you of [click to continue…]

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8 IRS red flags that could get you audited

by Rate Nerd on April 21, 2012

Scary but true: The Internal Revenue Service audited almost 1.6 million individual taxpayers in 2010.

That’s an 11 percent increase over the year before and more than double the agency’s pace just eight years earlier. With Uncle Sam confronting a trillion-dollar budget deficit, that pace may continue rising as the government works harder to collect every dollar it’s owed under the tax code.

To help you avoid the spotlight, here are eight IRS red flag audit attention-getters if you catch the taxman’s eye.

1. High incomes. According to IRS 2010 enforcement results, your chance of being audited triples once your income crosses $200,000.

2. Large itemized deductions. “Deduct every penny you’re entitled to – but [click to continue…]

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Eight red flags that could get you audited

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