IRS Audit Risks: Top Red Flags & Smart Tax Habits
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The IRS audited a mere 0.19% of 266 million tax returns in 2024, focusing on high earners and those with discrepancies. Common red flags include income mismatches, excessive deductions, and unreported crypto trades. Most audits occur by mail, and outcomes vary. To minimize risk, ensure accurate income reporting, maintain thorough records, avoid round-number deductions, and e-file.
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