With receipts, paperwork, calculations, and massive headaches, no one likes doing taxes. There are still some things that can increase your risk of being one of the unlucky few that get audited.
“Taking advice of the non-professional is probably the biggest mistake that I see out there. If you have a sophisticated return trying to do it yourself, that would be a dangerous mistake,” said Renee Varga, a CPA with Moss, Krusick & Associates.
One thing that can get you flagged for an audit is large cash deposits if you operate a cash business such as a restaurant, salon, car wash, or taxi service. Due to large amounts of cash, it’s easier for business owners to hide some of their income. The bank will notify the IRS if you make a deposit of at least $10,000, also including cash from side hustles.
Typically, you are less likely to get audited if you report income between $50 to $500,000. The only group that had more than a 1% chance of being audited are people earning $5 million a year.
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