INDIVIDUALS & FAMILIES
7 red flags that could trigger an IRS audit of your taxes
No one wants a visit from the Internal Revenue Service. But if you get too generous with your calculations, you may need to back up your tax return.
“For individuals, it usually comes down to being too overly aggressive with tax deductions or benefits that could invite the IRS in,” says Logan Allec, a certified public accountant and owner of the personal finance site Money Done Right.
In most cases, you’ll receive a request for more information if your return falls under review. In tax year 2017, seven in ten of the agency’s return examinations were conducted by correspondence rather than in person.
Still, if you receive a notice from the IRS, take it seriously. Respond quickly with the documentation that the agency requests, such as letters from charities or bank statements.
Read more of this USA Today post from March 19 here. Or, reach out to a Dugan & Lopatka professional at info@duganlopatka.com or (630) 665-4440.