Understanding Taxes and Red Flags for Everyday Filers Amid IRS Scrutiny
Monday, 9 September 2024, 13:54
Tax Planning for Everyday Filers
The IRS has intensified its focus on wealth, aiming efforts primarily at those with higher incomes. However, everyday filers should remain vigilant. Certain tax practices can trigger audits, regardless of one's financial standing.
Common Red Flags
- Unreported income may attract attention from an auditor.
- Large deductions compared to income can prompt further scrutiny.
- Frequent high-value charitable donations might raise eyebrows.
Strategies for Tax Compliance
Personal saving and strategic tax planning can mitigate risks. Engaging with an experienced tax consultant provides clarity and supports individuals in aligning with the Internal Revenue Service's requirements.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.