It’s the ultimate financial nightmare: What if you are audited?
Many of us live in FEAR of a possible IRS audit.
However, less than 1% of taxpayers are audited each year.
Some audits come because of red flags that the IRS recognizes, and others are simply the result of random chance. In many cases, all that is needed is for you to mail in some documentation that backs up your claim of a deduction or credit. Getting an audit letter is no reason to immediately panic.
But there is always the chance that you have to go through a more difficult tax audit.
If that happens, though, you have options:Continue Reading