IRS Building in Washington

When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment.  Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…

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income tax audit stamped on IRS form 1040

Though the tax filing deadline has passed, there are many people in Missouri who may be concerned about the potential for additional questions from the IRS. Despite the stress that the audit process can create, the chances of being the subject of one is actually pretty slim, with an individual audit rate of less than 1% in 2017. However, there are…

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Stamp IRS audit and accounting documents.

At this time of year, many people in Missouri and across the country are thinking of their taxes. While many people have already filed, they may still be waiting to receive their return. Others may be anxious about the possibility of further questions from the IRS in the form of audits. In reality, audits happen relatively rarely. Approximately 1 out…

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xamining papers through magnifying glass in office

After the holidays have passed and the new year commences, many people in Missouri, especially small business owners, turn their attention to the next big task ahead of them — filing taxes. Though the chances of a small business owner being audited are relatively rare, some statistics indicate that small business owners may have a higher chance of being the…

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Tax professionals conducting an audit

For many in Missouri and across the country, filing taxes is a time-consuming task that is filled with complications. Often, there is a concern that a simple mistake will lead to an audit and, potentially, criminal charges. For many, the risk of audits is daunting, and many people who must undergo them are unfamiliar with the process. An audit is…

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IRS audit documents with clipboard on a desk.

There’s only one thing that everyone loves more than paying taxes—being audited. All right, maybe not. Still, because the IRS frequently uses randomization to determine which returns to audit, every taxpayer faces the possibility of an audit each year. Being audited is not necessarily a bad thing. Many people believe that they could face jail time or other criminal penalties…

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woman inspecting paperwork with magnifying glass

There are a range of things that could lead the Internal Revenue Service to decide to audit a given tax return. Among these are concerns related to credits claimed in the return. One type of tax credit that is involved in quite a few audits here in the U.S. is the earned income tax credit. This can be seen in…

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1040 income tax form and w-2 wage statement with a federal Treasury refund check.

With the tax deadline coming up, many people have already finished their taxes or are just about to do so. A person can feel an awful lot of relief after finishing filing their taxes; it can feel good to be done with the process for yet another year. In the midst of such relief though, it can be important to…

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IRS audit documents with clipboard on a desk.

The Internal Revenue Service only audits approximately 1 percent of all individual tax returns the agency receives each year, but there are certain red flags that could make yours more likely to be chosen. Below are 10 indicators that could potentially make you a target of an IRS audit. 1. Leaving out information. If you forget to complete a line…

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Man driving for ride sharing service checking app

Among the deductions individuals can claim on their taxes are deductions for automobile operating costs related to certain activities. Among the car travel a driver might be able to deduct such costs in relation to are: travel related to service to charities, travel for moving purposes, travel for medical purposes and business travel. Now, what specific type of travel a…

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