What factors increase the odds of an audit? Audit Rates Rise with Incomes Overall, under 1% of wage earners had their tax returns examined by the IRS in fiscal year 2018. Income Percentage audited Source: Internal Revenue Service, 2019 (most current data available) Under $200,000 0.57% $200,000 and higher 1.00% $1 million and higher* 3.23% *Included in $200,000 and higher number Making a lot of money Failing to report all taxable income Taking higher-than- average deductions, losses, or credits Taking large charitable deductions Running a business 123 Source: Kiplinger.com, 2024
RkJQdWJsaXNoZXIy MTEyOTYzNw==