The US is in the middle of tax season, with many taxpayers fearing the possibility of being audited by the IRS. Such an audit can be avoided if taxpayers dodge making these mistakes when filing their taxes.
The IRS describes an audit as a review or examination of someone's"accounts and financial information to ensure information is reported correctly according to the tax laws," as well as to confirm"the reported amount of tax is correct." Such an audit can be avoided if taxpayers dodge making these mistakes when filing their taxes, according to Yahoo Finance.
Both a taxpayer and the IRS will receive a W-2 reporting all of their income at a job the taxpayer works. If a taxpayer files their tax return and their information regarding their earnings over the past year does not match up with the documents the IRS has, it is all but guaranteed a person will be audited by the IRS.Business owners tend to be audited more than workers due to the fact that the former have access to various tax deductions not available to their worker counterparts.
Taxpayers should know that if they are requested for an audit, the IRS will inform them in the mail and will never start an audit by telephone. Some of the records the service may ask for when conducting their audit include receipts, bills, loan agreements, and medical records.
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