Don’tWanttoBeAudited?AvoidTheseTriggerstoReduceYourChances
Hand-written returns, inconsistencies and uestionable Schedule C losses prompt extra IRS scrutiny
Fear of being in the 1 percent of Americans who get audited every year makes nearly 40 percent of Americans pay their taxes honestly, according to an IRS Oversight Board survey.
Some IRS audits are random, while many are prompted by contents in your return. The best defense against an audit is to report all income and claim only the deductions and credits the taxpayer is entitled. Ideally, taxpayers should keep complete, organized financial records for the past seven years as evidence of their financial history.
H&R Block tax professionals advice that these three things can make a tax return an attractive audit candidate:
Hand-written returns
Miscalculations and omissions can result in even the most straightforward returns being audited. H&R Block’s Second Look Review finds that two out of three hand-written returns contain errors.
These errors can be prevented by e-filing. Taxpayers who e-file can check the status of their returns within 72 hours of submission, whereas paper return filers must wait three to four weeks to access the same information. More advantages of e-filing are:
• Receive refunds sooner
• Ensure accuracy – does the calculations and double-checks
• Secure and confidential submission
• Nothing to mail
• Option to file now and pay by April 15
• Fast receipt confirmation
• Free, 24/7 access
Unreported income, inconsistencies
The surest way to get a letter from the IRS is to not report all income. A document-matching program makes it easy for the IRS to check income reported on tax returns against what is reported on forms W-2 (wages), 1099-INT (interest), 1099-DIV (dividends) and 1099-B (sale of stock).
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