Watch for these Red Flags when you file your tax return
Jan 24
Tax season is upon us and as you pull your information together please review this article for tips on things that will put more scrutiny on your return and raise your chances of an audit.
To begin with your odds of being audited in general are 1 in 199. If you make over $200,000 that number drops to 1 in 38 and if you are over $1 million then it goes to 1 in 13.
The IRS computers compare your stated income to those 1099s and W-2s that have been issued to you so make sure the numbers match up. Excessive charitable contributions and deductions that do not match your income level or are similar to others in your income level gives you a greater chance of an audit.
Lastly, as I mentioned in the last blog posting, the IRS will be watching for those 701/2 and older not taking their Required Minimum Distributions as the IRS can hit you with a 50% tax on the amount not taken.
Action step: Plan ahead and back up all your deductions with written proof.
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