IRS - No Worries
Income taxes.
Seems like a lot of people really fret about being subjected to an IRS audit.
Well, according to these 2 articles, just do your job to complete them correctly, and you'll likely be just fine.
From Forbes:
"The random audit is not common. In fact, less than 2% of individual returns are audited. That includes those returns that include hot button tax issues or are otherwise on the IRS’ radar. Second, in most cases involving a deficiency, there is no full blown audit; in most instances, if an adjustment is necessary, you’ll be notified by IRS and asked to provide documentation (usually by mail, called a correspondence audit). If an actual audit is necessary, you’ll have plenty of notice and if you have to appear, you don’t even have to be there (your attorney or other tax professional can often go in your place so long as he or she is authorized to talk to the IRS on your behalf). Do not live in fear of a tall man in a dark suit knocking on your door, unannounced, to perform an audit at your home or business: that just doesn’t happen."
Need more assurance?
From Bloomberg:
"An average taxpayer’s chance of being audited has tumbled 23 percent in three years, in line with an IRS budget that’s dropped an inflation-adjusted 17 percent since 2010. Only 0.9 percent of individual taxpayers were audited last year, the lowest proportion in seven years."
See, no worries.
Should you prepare your taxes with honesty, completeness, and to the best of your ability?
Of course you should.
Do you need to live in fear of spending a week with the tax man pouring thru receipts?
Of course you shouldn't.
Out for now......
Matt
