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WASHINGTON – Want to keep IRS auditors away? Keep your earnings under $200,000 and they won't bother you 99 percent of the time.
IRS enforcement numbers, released Tuesday, show that returns under that amount have a 1 percent chance of getting audited.
Returns showing income of $200,000 and above have a nearly 3 percent audit chance. The percentage jumps to more than 6 percent for returns showing earnings of $1 million or more.
The percentages apply to both individual and joint returns.
Another little trick is to never use the pre-printed label the IRS might have supplied. Always use a blank envelope, and your own label. Despite stores that claim that this is a "myth" it remains true and you'd be wise to never use those pre-printed labels on your returns!
This $200K threshold actually means something for those of us who are self-employed, as we can to some extent manipulate our reported income, or at least divide it into different corporations keeping each one under the threshold.
WASHINGTON – Want to keep IRS auditors away? Keep your earnings under $200,000 and they won't bother you 99 percent of the time.
IRS enforcement numbers, released Tuesday, show that returns under that amount have a 1 percent chance of getting audited.
Returns showing income of $200,000 and above have a nearly 3 percent audit chance. The percentage jumps to more than 6 percent for returns showing earnings of $1 million or more.
The percentages apply to both individual and joint returns.
Another little trick is to never use the pre-printed label the IRS might have supplied. Always use a blank envelope, and your own label. Despite stores that claim that this is a "myth" it remains true and you'd be wise to never use those pre-printed labels on your returns!
This $200K threshold actually means something for those of us who are self-employed, as we can to some extent manipulate our reported income, or at least divide it into different corporations keeping each one under the threshold.