Tax audits, or examinations, aren't terribly common. All individual income tax returns were audited, according to the IRS. But that low likelihood doesn't give taxpayers free rein to claim whichever tax credits and deductions they'd like. The IRS will contact you if there are discrepancies between your tax return and the paperwork it has received from your employers, brokerage firms, and other sources. It may also initiate an examination if auditors spot certain red flags.Tax audits, or examinations, aren't terribly common. All individual income tax returns were audited, according to the IRS. But that low likelihood doesn't give taxpayers free rein to claim whichever tax credits and deductions they'd like. The IRS will contact you if there are discrepancies between your tax return and the paperwork it has received from your employers, brokerage firms, and other sources. It may also initiate an examination if auditors spot certain red flags.
