With the IRS tax deadline of April18th right around the corner I wanted to share an interesting article about the dreaded tax audit: 5 ways to avoid a tax audit
Many individuals and business owners live in fear of the Internal Revenue Service and in most cases it is without reason. If you are claiming all of your income and deducting all legitimate expenses there is little to worry about. According to the article in fiscal year 2010 the IRS only audited 0.9 percent of all the 2009 returns filed.
Are you curious as to how your itemized deductions you claimed compare to everyone else? Check out Taxes: It’s good to be average Included is a nifty table by Adjusted Gross Income listing average deductions for Medical Expenses, Taxes, Interest and Charitable Contributions.
The bottom line is if you record all income and deduct only legitimate expenses the chances of getting the dreaded IRS audit letter is not worth losing sleep over.