Here are some common triggers:
Failure to report income
A large number of itemized deductions (that may look excessive)
When business deductions are claimed as personal deductions and vice versa
When your income doesn’t appear to support your lifestyle
Unreported foreign accounts
Claiming children who aren’t the taxpayer’s dependents
Remember, your tax return must accurately reflect your income during the year. If there’s anything about your tax return that gives the appearance you’re not accurately reporting your income or deductions, you could be subject to audit.
It’s important to remember that not all of these triggers may be intentional. Filing taxes is a complicated process and it’s easy to make a mistake or two that could lead to a tax audit. Also know that audits may happen at random. The IRS randomly selects a small portion of taxpayers for audit each year.
Advance Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation.
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