For nearly 4 decades, we have provided tax preparation services across the country, and have received a letter or two from the IRS. The list below contains 10 reasons an audit MAY be triggered.
- Income not matching
- Numbers in the return not matching the documents submitted by other payers
- Mismatched tax ID numbers
- Mathematical errors
- Forgetting to sign your return
- Misentering (or misclaiming) dependents
- Overestimating the value of property donated to charity
- Reporting unusually large deductions (for example, business expenses) compared with previous years
- Claiming losses from a business activity the IRS views as a hobby (BTW, businesses that make no money are considered a hobby)
- Using round numbers instead of exact deduction amounts
This is not an exhaustive list as the IRS uses several mathematical equations to determine whether a taxpayer should be audited; however, avoiding these mistakes will lower your chances of triggering the dreaded computer-generated letter.
Click here if you have any tax question(s) or problem(s). Contact the professionals at BOSS Taxes..we are here to help!
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