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Tax Audit Season Never Ends

April 04
23:41 2014

While the deadline for filing taxes is a little over a week away, the season for audits never ends. The IRS can audit you at any time, so be prepared.  Audits are conducted year ’round.

tax auditContrary to popular perception, the rich aren’t the ones who are the most audited. Of the nearly 1.5 million audits conducted in 2012, 2 out of 3 were of taxpayers who earned $50,000 a  year or less.

Thanks to technology and document-matching programs, it’s easy for the IRS to check income reported by bosses, banks and brokers. So don’t leave out what the IRS already knows.

Make sure you have documentation of your deductions. When being audited, you need to substantiate what’s on your tax return. Organized financial records are a must.

The IRS can audit you up to three years after you file your return, so keep copies for a few years. If an item is flagged for some reason, you’ll be hearing from the tax man sooner than later. Audit flags are commonly just simple mistakes, like incorrect Social Security numbers and employer identification numbers, transposed figures and math errors. So double-check your return before you send it in to save yourself the hassle.

Everything you want to know about filing your taxes, along with any forms you need, can be found on the Internal Revnue Service website.

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