Category Archives: Internal Revenue Service
IRS Audit Flags, Post #8
Another item that increases you chances of IRS audit is a return that shows far more expenses than income. This shows that you spent more than you made and often makes the IRS wonder where that money came from. If …
IRS Audit Flags, Post #7
Another item that increases your likelihood of an IRS audit is using round numbers on your return. For example you may claim $20,000 on itemized deductions. The IRS feels that if you use round numbers you may be “estimating” and that you …
IRS Audit Flags, Post #6
The Internal Revenue Service (IRS) has developed a “secret” set of “normal” parameters for taxpayers in different categories. If too many of the parameters they monitor fall outside of the “normal” parameters for a given tax payer then that taxpayer …
IRS Audit Flags, Post #5
This is the fifth post in a series of posts explaining some of the common reasons why the Internal Revenue Service (IRS) chooses to audit specific tax returns. There are certain business and industries that are more likely to get audited …
IRS Audit Flags, Post #4
You are more likely to be audited by the Internal Revenue Service if you repeatedly claim small business losses on your tax return. This is especially true if you operate either a sole proprietorship or a single member LLC for …
IRS Audit Flags, Post #3
If your income fluctuates by large amounts from year to year your chances of being audited by the Internal Revenue Service increase. When the Internal Revenue Service sees these fluctuations (Or more likely when their software notices and flags these …
IRS Audit “red flags”, Post #2
This is the second post discussing situations that increase your chances of incurring an audit from the Internal Revenue Service. Certain expenses listed on your tax return are more likely to draw the attention of the Internal Revenue Service. Meals …
Series of posts illustrating common red flags that may lead to an IRS audit, Post #1
There are many red flags that increase the odds of your tax return being audited by the Internal Revenue Service. I will be discussing several of the more common “red flags” in a series of posts over the next couple of …
Internal Revenue Service increases mileage rates on July 1st, 2008
Yesterday the IRS announced that they were increasing the optional standard mileage rates for the last six months of 2008; this is obviously good news for business owners. The rate for business miles was 50.5 cents per mile in the …
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IRS Audit Flags, Post #9
Another item that increases the chances of Internal Revenue Service scrutiny are large changes in deductions from year to year. For example if you claim $100,000 in charitable contributions one year, the next year, zero, and the next you you …