Will you be AUDITED?

By Mark Bertrang, The Creator of the Financialoscopy® on Wednesday, February 13th 2019

IRS budgets and its audit staff continue to diminish and audit numbers are at an all-time law.  But, when you file your return the most common concern still remains, will I be audited.  Tax payers who stray from the norm or have large, unusual or questionable items on their returns can always be singled out for an audit, but overall, the IRS usually audits folks with certain characteristics. 

During 2017, the IRS audited about one in 184 of all taxpayers.  For those people filing individual returns, the likelihood of an audit was one in 161.  Corporations and partnerships were less likely to audited at a rate of 1 in 224.

Taxpayers with gross incomes before deductions of over one million dollars had a one in twenty-three chance of being audited.  Sole proprietors with gross income before deductions between $100,000 and $200,000 were audited at a rate of one in forty-eight; and sole proprietors with gross income before deductions between $200,000 and $1,000,000 had a one in 64 chance.

And, ff you were a large corporation your chance was one in three.  I guess it simply goes like the old saying; follow the money.

When it comes to taxes, it’s just like real life.  Be honest and be truthful and no matter if the IRA picks you to be audited or not, you shouldn’t need to look over your shoulder worried about a potential audit.

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