Here Are the Odds of An IRS Audit » Mortgage Masters Group

An audit and its findings don’t always mean big trouble; if you do owe taxes, you might be eligible for an IRS payment plan. Here’s what you need to know about your chances of being audited by the IRS.

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There are two types of audits: via mail and in-person. You may be relieved to know that more than 70% of tax audits in 2016 were conducted solely via mail. (4) If you are one of the chosen few, you’ll receive a letter from the IRS stating why they’ve selected your tax return for an audit and which area (or areas).

“I think there are a certain group. mortgage interest. In 2016, the number of people audited by the IRS dropped by 16 percent from the year before. Just 0.7 percent of individuals were audited,

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Ever wonder why some tax returns are eyeballed by the Internal Revenue Service while most are ignored? Short on personnel and funding, the IRS audited only 0.70% of all individual tax returns in 2016. So the odds are pretty low that your return will be singled out for review. Source: 17 Reasons the IRS Will Audit Your Tax Return

“I think there are a certain group. mortgage interest. In 2016, the number of people audited by the IRS dropped by 16 percent from the year before. Just 0.7 percent of individuals were audited,

They can take the standard deduction as dictated by the IRS or they can itemize their deductible expenses. Some deductions might slightly increase your chances of a tax audit (keeping in mind that.

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Here. audit odds low include being neat and legible when filling out your return, reporting all income on it (including all dividends and interest that’s reported on 1099 forms), and not having.