5 Tax Audit Triggers

Despite the American Taxpayer Relief Act of 2012 passed in January, the government is still tasked with how to cut spending and reduce the deficit.
As a result, Certified Public Accountant David Wolfson, a partner in the accounting and consulting firm Schulman Lobel Wolfson Zand Abruzzo Katzen & Blackman LLP, predicts that the Internal Revenue Service (IRS) will be on the lookout for tax errors: “There will always be more audits (deserved or not) in a down economy, as a cash-strapped government seeks to raise funds.”

Though the 2013 goal for taxpayers may be how to legally reduce more of their tax burden in lieu of higher taxes, there’s a fine line between legal tax maneuvers and suspicious claims that lead to a tax audit.

Here is expert insight into five common tax filing practices that might invite you into the unpleasant world of tax audits.

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