Are You Afraid of a Tax Audit?
There are many fears that can and will creep into your mind when you are filing your income tax return. With that being said, the most common fear is being audited. After all, nobody wants to deal with the IRS. Not only can they take a closer look at your most recent tax return, but they can do the same from years past. When it comes down to it, this is not something that anybody would have fun with.
The first thing that you should know is that only about one percent of individual returns are audited each year. As you can imagine, this is pretty good odds that you are not going to get picked. While there is no way of knowing for sure, one percent is a very small number to say the least.
The best way to tame this fear is to keep good records. As long as you can show the IRS why you did what you did, there is no reason for you to be worried. And remember, this is especially true if you are self-employed or run your own business. These filers always seem to be watched a bit more closely because of all the deductions and additional paperwork that is needed.
Do not let the fear of being audited scare you too much. Many people are so afraid of an audit that they do not take deductions that they have the right to claim. Instead of letting this happen to you, learn the rules and play fair. This will allow you to easily deal with an audit should the situation arise.Â
