
|Articles|September 16, 2008
- February29 2004
- Volume 11
- Issue 4
Avoid IRS Audit Triggers
Author(s)Michael Sheehan
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It's getting to be that time of year.Countless items on your income taxreturn may pique the interest of the IRS,but some increase your chances of beingaudited more than others. The followingare 10 situations to avoid if you hope tosidestep the taxman:
- Prior audits or deficiencies
- Excessive business expenses in relationto income
- Complicated investment transactionswithout written or documentedexplanations
- Work in a cash-paid profession
- Large charitable contributions inrelation to income
- Losses claimed from tax shelters
- Involvement with a closely held corporationselected for an audit
- Itemized deductions (schedule A)that exceed IRS targets
- A sloppy or mathematically erroneousreturn
- Round (instead of exact) figuresused on the return
Articles in this issue
almost 18 years ago
Choose Wisely when Managing Your Debtsalmost 18 years ago
Avoid the Problems with Switching Banksalmost 18 years ago
Be a Thoughtful and Caring Grandparentalmost 18 years ago
Teach Financial Skills to Your Childrenalmost 18 years ago
Safeguard Yourself from Identity Theftalmost 18 years ago
Happiness, Elusive, but Somewhere Out Therealmost 18 years ago
Fund Fundamentalsalmost 18 years ago
Diversified Portfoliosalmost 18 years ago
Doing Some Flipsalmost 18 years ago
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