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Receiving an audit notice from the IRS can be unsettling, but understanding what triggers an audit can help you prepare and potentially reduce your risk. The IRS reviews tax returns to verify information, and certain factors can increase your chances of being selected for examination. Filing an accurate return is the best way to…
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The IRS uses various methods to select tax returns for audit, but there’s no surefire way to avoid one. Filing an accurate return is the best defense. The IRS may flag your return if income or details don’t match third-party reports, or if a court links you to abusive tax strategies. Computer scoring systems…
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The cost of an IRS audit depends on the audit’s findings. Penalties and interest are applied to underpaid taxes. Filing accurately, paying on time, and keeping good records are the best ways to avoid or minimize these costs. How Much Will an IRS Audit Cost Me? The cost of an IRS audit isn’t a…