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The Daily Ardmoreite
  • Dollars & Sense: What you need to know about audits

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  • Few words in the English language set off alarm bells like the word “audit.” The good news is there are ways to reduce the likelihood the Internal Revenue Service will tag you for an audit. Nevertheless, if a letter from the IRS does appear in your mailbox, don’t panic.


    Statistically, the IRS only audits about one percent of taxpayers with incomes under $200,000, according to the tax experts at the Oklahoma Society of Certified Public Accountants. There are red flags that can raise the likelihood you’ll be audited, however.


    Here is a helpful tip to protect yourself against an audit:


    Do avoid math errors. Believe it or not, the biggest reason people receive letters from the IRS is simple addition or subtraction mistakes. Math errors rarely lead to a full audit, but you should still double-check your math before you send in your return.
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