Audit Attractors to Watch Out For
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Be careful not to put a target on your tax return.
What Triggers an Audit?
Following is a comprehensive list of things that can trigger an IRS audit:
Failure to include income that has been reported to the Internal Revenue Service
During the month of January, you receive tax documents in the mail declaring income and certain expenses that relate to your tax return. For example:
- 1099-INT declaring the amount of interest income you’ve received from various sources including banks and investment companies
- 1099-DIV declaring the amount of dividends you have been paid on your investments
- 1099-MISC for work as an independent contractor and for rental income from tenants of your commercial properties
- W-2s and K-1s
The Internal Revenue Service receives this same information. When you file your tax return, the IRS plays a matching game to ensure that you have declared all of this income on your tax return. If you have not, the IRS will recalculate your tax liability and bill you accordingly.
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