Filing taxes is something that few people get excited about outside of accountants and auditors. After all, no one really enjoys forking over their hard-earned money to the government, and the specter of an IRS audit is enough to strike fear into most American taxpayers. But the truth is that taxes are a necessity for a functioning American society, so it’s best just to learn the ins and outs of the system so that you don’t make any big mistakes. However, the U.S. Tax Code is literally thousands of pages long, and the IRS doesn’t go out of its way to reveal exactly how the system works, so you’ll have to do some legwork to learn some of its secrets.
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Most ‘Audits’ Are Simply Letters in the Mail…
The word “audit” rightfully strikes fear into the hearts of most taxpayers. The idea of sitting across the table from a professional tax agent who will probe into every single transaction you’ve made over the past 10 years is daunting even for those who have nothing to hide. But the reality is that these types of audits, known as office or field audits, are quite rare. In fact, according to H&R Block, 77% of all audits…
