Audit rates for individuals are at historic lows. The overall rate is down to a minuscule 0.45% for 2019. But recent proposals out of Washington D.C. would give the IRS up to $80 billion for auditing upper-income taxpayers. And when you consider households with income over $87,000 are considered to be in the top 25% per IRS statistics and are already paying 87% of the income tax*, that audit target could be you!
Here are several ways to help make your tax return audit proof:
Please call if you’d like more information on making your tax return audit proof from the IRS.
*Source: IRS Statistics of Income, Individual Tax Rates and Tax Shares 2018
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The possibility of capital gains tax should be understood before selling your residence. Tax surprises here could be costly!
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