Audit Risk Red Flags & Triggers | The 7 MOST COMMON Reasons Why the IRS Will Audit YOU!

Описание: A former IRS auditor reveals the top 7 audit risk red flags and triggers for individual taxpayers. You'll learn what red flags might cause the IRS to take a closer look at your tax return and how to avoid them.

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As a former IRS Agent, I try to explain federal taxes to defend against an audit. While there are no guarantees, it’s good to have an insiders view.

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00:00 - Audit red flags & Triggers
00:27 - How the audit process works
02:05 - Foreign Bank Accounts and Assets
03:00 - Digital Assets
04:20 - Not Reporting All of Your Income
04:52 - Deductions Look High
05:18 - Charity
05:57 - Large Refunds
06:21 - Dishonest Tax Preparer

SUMMARY:
Even if you haven't done anything wrong, an IRS audit can be a stressful experience. By understanding what triggers an audit, you can minimize your risk of being selected for one.

In this video, you'll learn:
• The 7 most common audit triggers for individual taxpayers
• How the IRS selects tax returns for audit
• What to do if you receive an IRS audit letter
• How foreign bank accounts and assets can trigger an IRS audit
• What the IRS is looking for when it comes to cryptocurrency
• Not Reporting All Income: This includes income from side hustles, freelance work, and even things like prize winnings.
• High Deductions: The IRS may scrutinize returns with unusually high deductions compared to your income level.
• Questionable Charitable Donations: Especially charitable contributions exceeding 10% of your adjusted gross income.
• Large Refunds: The IRS may select returns for audits that appear to claim excessively large refunds.

The IRS uses a combination of automated software and human review to identify returns that are more likely to contain errors. This sophisticated software is used to compare your tax return to national averages and tax returns of similar filers in your income range.

Don't wait until it's too late! Watch this video today to learn how to protect yourself from an IRS audit.

ABOUT US:
Welcome to Tax Axe! It’s time to learn some federal income tax strategies. It's true taxes can be complicated, so we’re here to help you navigate it. On our channel, we believe you shouldn’t have to pay more tax simply because you don’t have enough knowledge on the subject. Ready to learn?

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