Think You Can't Be Audited? Consider This…

I’m not speaking from personal experience here, but a nifty article over at the Motley Fool reminds us that the IRS has been cracking down on delinquents.

Here are their top 5 audit myths or ‘I won’t get audited because (insert common audit myth here).’

  • … I received my refund.
  • … I’m lucky.
  • … I don’t file until after audit ‘testing’ season.
  • … I deal in cash only, and they can’t audit cash.
  • … I have an accountant who knows what you can get away with.

Their advice:

Don’t believe any of these popular audit myths. Take advantage of the legal loopholes, report all of your income, and take every allowable deduction. Then stop right there.

Comments

  1. January 20th, 2007| 6:38 am

    […] To counterbalance my last post on audits, here are CNN Money’s top 5 missed tax deductions. […]

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