Are you doing your taxes? Kiplinger’s Personal Finance magazine has put together a list of things that will get you flagged by the IRS this tax season.
Here are 14 audit red flags that will trip you up
1) You make too much money. The IRS will target those with incomes above $200,000. You have a 1 in 30 chance of being audited.
2) Not reporting taxable income. You must report all 1099s and W-2s, even if you believe them to be incorrect. (Deal with the discrepancies after filing.)
3) You give a lot of money to charity. The IRS knows what others who make similar income to you tend to give and will question you if you’re claiming too much.
4) Claiming day-trading losses on Schedule C.
5) Claiming rental losses.
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