Haven’t Filed Yet? Audit Fears Debunked
What is it they say…What you worry about %100 of the time actually only happens %10 of the time. Well in this instance it only %1.
A lot of us are are afraid of our taxes. And our tax fears, sometimes cause us to put off filing, or not filing at all. One of the main fears of putting off doing your taxes is the fear of getting audited. But audit fears tend to be much greater than audit realities. The overall risk of audit remains small.
In recent years, IRS data show that its audit rate hovers around one percent for individuals earning less than $100,000.
FYI: The agency also has admitted that it is now going after wealthier taxpayers since any filing mistakes there tend to produce a larger return on the audit effort.