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IRS audits are big business. The whole point of an audit is not to strike fear into the heart of American taxpayers -- although it succeeds in doing that -- but rather to raise revenue for the ...
An IRS audit is not a judgment of how you run your finances. It's simply an examination by the IRS to make sure you've correctly reported all of your income, complied with tax laws and paid the ...
But though the IRS is way behind on its checklist in a way it wouldn’t tolerate among late tax filers, its audits are right on schedule. Call it efficiency in action, even if it is the wrong kind.
Business expenses It’s easy to take advantage of reporting business income and deductions on Schedule C, to your benefit. So, the IRS looks for the following red flags on the form:
An IRS audit is a review of an individual, partnership or organization's tax return and financial information to verify that reported information is correct. Tax return audits are serious events ...
The IRS has a bad reputation as an agency that seeks to squeeze more money out of taxpayers. But the truth is as long as you are reporting your income appropriately -- taking only legitimate...
Nobody wants to face an IRS tax audit, but even if you do everything according to the rules, you could be subject to one. The good news is that the chances of being audited are very low. The IRS...
The best way to prevent an audit is to avoid tax scenarios that catches the IRS's attention in the first place. Here are five ways to do that. Photo: Getty Creative (LPETTET via Getty Images)