Monday, March 28, 2016

Tax time quiz: Are you likely to be audited?


Sorry,  I didn't mean to scare you.

Something to think about when you file your taxes: if you have something that the IRS might ask questions about, do you have a reasonable explanation for it? Maybe you do, but think about the possibility of being audited.

This article (via taxprof) talks a little about who is likely to be audited: typically the highest and lowest earners.

Something else to think about: maybe you know someone who hasn't paid their taxes. You might be able to get an award for letting the IRS know that he or she hasn't filed. It's called a whistle blower award. The catch is that you might have to wait years to get the award. More information here. One more catch: you need to give information that's more than just a hint, or suspicion that someone isn't paying.

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