Worried About a Tax Audit? Your Income Could Raise -- or Lower -- Your Chances
In case you missed the news, the deadline to submit your 2019 taxes is less than two weeks away, so now's the time to gather your paperwork and work your way through that return. The more time you give yourself to complete your taxes, the less likely you are to make a mistake that puts you at risk for an audit.
And speaking of audit risk, there are certain factors you should know about that greatly increase it. For example, failing to report side earnings is a good way to get your tax return flagged. But the total amount of income you report (or don't report) on your taxes could also determine how likely you are to get audited.
Generally speaking, your chances of being subjected to a tax audit are pretty low. In 2019, it's estimated that only 0.45% of tax returns underwent an audit. But if you're a notably high or low earner, your chances of getting your return examined further by the IRS may increase.
Source Fool.com
