Motley Fool Tax Audit Myths

The Motley Fool guys have written about some common tax myths that people fall for and believe. Believing any myths about avoiding a tax audit is silly since the tax man can audit you anytime. The article says it doesn't matter what you do or when you file your return because the tax man is continually chasing people making incorrect claims regardless of what they do to avoid an audit. You don't want an audit so have a look to make sure your clued in.

Top Five Audit Myths
"I won't get audited because (insert common audit myth here)."

I've been in the tax biz for more than two decades, and I've heard many ways to complete that sentence. I'm regularly amazed by what some people say and, sadly, believe when it comes to the IRS and the dreaded audit.
Make no mistake: There will be more audits on the horizon. The IRS has said that it would be adding 2,200 new positions to its audit operations in 2005. Between 1996 and 2002, IRS audit staff declined by more than 25%, and the IRS is ramping up to recoup some of the audit money that was lost during that period. Motley Fool

# Tax News