Avoid these IRS “Red Flags at Tax Time”

Now that we’ve entered the tax filing season, many taxpayers’ thoughts naturally turn to the subject of IRS audits. What are the chances you’ll be audited by the IRS? It depends.

The overall audit rate is low. In 2012 only 0.94 percent of all individual taxpayers with incomes under $200,000 were audited. Taxpayers with incomes of $200,000 to $1 million were audited at a 3.7 percent rate.

There are a number of ways to greatly increase your audit odds. Therefore , you may enjoy this article by Stephen Fishman is a tax expert, attorney and author  at: 6 Ways to Increase Your Chances of Being Audited,” Inman News (Feb. 8, 2013)