Hey guys, Carbon Mohan here. I definitely want to thank you all for tuning in to my channel. If you haven't already, make sure to subscribe because I'm providing valuable content to help you learn more about finances, taxes, and credit. My goal is to help you get started on the right foot when it comes to building wealth and learning various strategies, including accessing and investing your money. I'm going above and beyond to show you all because many times we're not educated in these topics. My name is Carbon Mohan, and this is my channel, Tunis. So, today's topic is going to be about IRS audits. None of us wants to get audited, especially when we receive those unpleasant correspondences from the IRS seeking additional proof. Let's discuss ten red flags that the IRS is on the lookout for. Number one, if your income is higher than average or has significantly changed from the previous year, this can raise a red flag for the IRS to potentially audit you. Number two, let's talk about deductions. If your deductions are disproportionate to your total income, this can also trigger an audit. We don't want you to itemize half of your total income because that doesn't make sense. Number three, rounded or averaged numbers on your tax return can be problematic. When reporting your write-offs or deductions, it's essential to use exact numbers. For example, if you spent $3,245 on supplies, write down that specific amount instead of rounding it up to $3,500 or down to $3,000. By having the exact numbers from your bank statements, you can provide concrete evidence in case of an IRS audit. Now, let's discuss home office deductions. If you work from home, you may be wondering if you can write off your home office...
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Irs audit triggers Form: What You Should Know
Tax Credit (ACT) · 4. Credit Losses · 5. Other. · 6. Unreasonable, Voluntary or Inconsistent Filing · 7. Unreasonable, Voluntary or Inconsistent Filing What to Do if You Are Under Exemptions — IRS Aug 23, 2024 — If you are under exemptions, you may be required to file your federal income tax returns without an attorney unless you have an advance approval from your local IRS office. When you get an advance tax approval from your local IRS office for non-tax return filing, we will mail you a copy of our authorization notice. You should complete and return the form and send it directly to [mail to IRS.Form sirs.gov] IRS Audits: Records We May Require Aug 23, 2024 — For large transactions and large items of income, you may be subject to an audit upon audit completion.
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