3 Things You Should Know About Tax Audits
You have filed your taxes, but you’re nervous. Like the majority of taxpayers, you hope you got everything correct. After all, you don’t want to be pulled up for IRS tax audits. Those happen more and more and can ruin you, right? Well, there are three things taxpayers need to know about being audited.
1. Tax Audits are not always in person.
Audits are not as they are portrayed on TV. In fact, unlike the audit portrayals in popular pop culture, many real-life audits are done by mail. These are called correspondence audits and happen routinely. Still, in spite of being common, it is still wise to call an IRS audit attorney to assist you with the correspondent audit.
2. Audits are much rarer than you think.
Audits don’t happen as frequently as one would think. Although the IRS can audit up to 3 years after filing, they rarely do, and then it is normally for extremely low or high-wage owners. The middle earners, which are most of the population, don’t attract audits.
3. Math errors don’t get you in trouble.
Basic math errors, like the wrong decimal placement, happen, and when they do, the IRS usually adjusts your return and sends a letter saying so. They don’t press audits unless you want to prove you did the form correctly.
Knowing the truth about tax audits instead of believing the many repeated scary myths helps the tax-paying process go smoothly. Knowledge of tax laws is key. Even better, call the Law Office of Max Benkel for up-to-date information, excellent tax advice, plus professional legal representation in the case of an audit by the IRS.
