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The IRS strikes fear into the heart of many Americans due to their power to audit tax returns. In fact, according to a recent survey of 1,002 Americans by GOBankingRates, nearly 11% of respondents...
Here are the red flags that could trigger an unwanted IRS audit.
Those who make more than $1 million are more likely to get audited by the IRS. For example, the IRS reviewed 0.2% of all individual tax returns for tax year 2019.
Fortunately, your chances of being audited are small -- only 0.6% of the individual tax returns filed for tax years 2010 through 2018 were audited, according to IRS data.
How Is Your Tax Return Selected for an Audit? Statistically, your odds of getting audited are low: The IRS audits less than 1% of filers per year. ... If you make less than $200,000 a year, unless ...
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Some people aren't paying their taxes. According to the Internal Revenue Service, the tax gap for the 2021 tax year increased to $688 billion. This was more than $138 billion higher than the 2017...
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