5 Red Flags That May Trigger an IRS Audit
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 14 April 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Learn the 5 red flags that may trigger an IRS audit.
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Are you investing well for financial freedom...or not?
Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest, makes a huge difference to your financial future and lifestyle.
If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 2% or 10% on your money over 30 years, is the difference between it growing to $181,136 or $1,744,940, an increase of over $1.5 million dollars.
Your compounding rate, and how well you invest, matters!
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 865. If y'all know what I mean put your hands up and declare with me |
| 0:13.8 | yeah I'm full of faith I'm gonna live a good life I'm gonna live a good life |
| 0:21.1 | a beautiful and glorious life Step into a world of wealth and wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.4 | be wealthy and smart. And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. I'm Linda P. Jones, America's Wealth Mentor, |
| 0:42.0 | Empowering Women and Men Worldwide to Financial Freedom. |
| 0:45.3 | On today's show, we're going to talk about five red flags that can trigger a tax audit from |
| 0:51.2 | the IRS. Because nobody wants to hear from the IRS. We all want to keep |
| 0:56.2 | the IRS over there to themselves and get our tax forms properly filed and any refund due promptly returned to us. |
| 1:06.7 | So let's talk about those five red flags that we can avoid and hopefully stay out of the way of the IRS. This comes to us from Yahoo Money and it was |
| 1:17.8 | written by Danitza Secova and it says of the millions of taxpayers who filed their 2020 taxes a |
| 1:25.0 | handful of unlucky ones may have their returns singled out by the Internal Revenue |
| 1:29.8 | Service for an audit. It's not terribly likely in the 2019 fiscal year only 0.45% of the |
| 1:37.8 | individual tax returns were audited according to agency data, a rate that has significantly dropped in the last decade due to staff |
| 1:45.6 | and budget cuts. |
| 1:46.6 | But certain red flags may make you more likely to fall into that unfortunate group, experts |
| 1:51.9 | said. |
| 1:52.6 | Less than 1% of people are actually audited. |
| 1:55.4 | Lisa Green Lewis, a tax expert with TurboTax, told Yahoo Money. |
| 2:00.2 | A lot of times people may receive something from the IRS and they think that just because it's a letter, it's an audit. |
| 2:06.0 | But sometimes there are adjustment letters. |
| 2:08.5 | The IRS sends an adjustment letter when you made a miscalculation or under reported small amounts of your income, but this is not an audit. |
... |
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