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Hub You - Who's Afraid Of The Big Bad IRS?
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Do you like those odds? I sure hope so.
The IRS doesn't have the resources to conduct widescale audits. That's just the way it is.
Now, how should this good news about IRS audit rates effect you? I can think of at least three ways:
1. When it comes t
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Let's face it: We All Are!
And with good reason . . . IRS horror stories abound, and we all know someone who's been through an IRS audit and lived to tell about it.
So the purpose of this article is to help calm those fears. Maybe I can't remove them completely, but I do hope you find some comfort in what I'm about to tell you.
Do you have any idea how many tax returns are audited every year? Here are the numbers, as provided by the IRS:
INDIVIDUALS -- without Schedule C
Gross Income:
< 25,000 ................ 0.63%
25,000-49,999 ........... 0.23
50,000-99,999 ........... 0.27
> 100,000 ............... 0.74
INDIVIDUALS -- with Schedule C
Sales:
< 25,000 ................ 2.63%
25,000-99,999 ........... 1.13
> 100,000 ............... 1.36
C CORPORATIONS
Assets:
< 250,000 ............... 0.22%
250,000 - 1M ............ 0.73
1M - 5M ................. 2.06
S CORPORATIONS .......... 0.42%
PARTNERSHIPS/LLCs ....... 0.27%
Let's take a close look at these numbers, shall we?
Notice that in virtually every category, the audit rate is less than 1.0%. The only exceptions are large C Corporations with assets over $1 million, and Sole Proprietors (Schedule C filers) with sales greater than $100,000 or less than $25,000.
Think about this for a moment -- your chances of getting audited are probably less than 1 in a 100.
Do you like those odds? I sure hope so.
The IRS doesn't have the resources to conduct widescale audits. That's just the way it is.
Now, how should this good news about IRS audit rates effect you? I can think of at least three ways:
1. When it comes t
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Do you have any idea how many tax returns are audited every year? Here are the numbers, as provided by the IRS:
INDIVIDUALS -- without Schedule C
Gross Income:
< 25,000 ................ 0.63%
25,000-49,999 ........... 0.23
50,000-99,999 ........... 0.27
> 100,000 ............... 0.74
INDIVIDUALS -- with Schedule C
Sales:
< 25,000 ................ 2.63%
25,000-99,999 ........... 1.13
> 100,000 ............... 1.36
C CORPORATIONS
Assets:
< 250,000 ............... 0.22%
250,000 - 1M ............ 0.73
1M - 5M ................. 2.06
S CORPORATIONS .......... 0.42%
PARTNERSHIPS/LLCs ....... 0.27%
Let's take a close look at these numbers, shall we?
Notice that in virtually every category, the audit rate is less than 1.0%. The only exceptions are large C Corporations with assets over $1 million, and Sole Proprietors (Schedule C filers) with sales greater than $100,000 or less than $25,000.
Think about this for a moment -- your chances of getting audited are probably less than 1 in a 100.
Do you like those odds? I sure hope so.
The IRS doesn't have the resources to conduct widescale audits. That's just the way it is.
Now, how should this good news about IRS audit rates effect you? I can think of at least three ways:
1. When it comes t
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Sales:
< 25,000 ................ 2.63%
25,000-99,999 ........... 1.13
> 100,000 ............... 1.36
C CORPORATIONS
Assets:
< 250,000 ............... 0.22%
250,000 - 1M ............ 0.73
1M - 5M ................. 2.06
S CORPORATIONS .......... 0.42%
PARTNERSHIPS/LLCs ....... 0.27%
Let's take a close look at these numbers, shall we?
Notice that in virtually every category, the audit rate is less than 1.0%. The only exceptions are large C Corporations with assets over $1 million, and Sole Proprietors (Schedule C filers) with sales greater than $100,000 or less than $25,000.
Think about this for a moment -- your chances of getting audited are probably less than 1 in a 100.
Do you like those odds? I sure hope so.
The IRS doesn't have the resources to conduct widescale audits. That's just the way it is.
Now, how should this good news about IRS audit rates effect you? I can think of at least three ways:
1. When it comes t
The other day I was asked, by a gentlemen if my company would lend him a fully outfitted mobile oil change van. He in trade for this would in the Great State of Ohio help our company market to corporation employees of some of the largest companies there.He would set up a marketing campaign and sign up customers to have their oil changed while at work right on the property. Also he would help me market this in Las Vegas as his son’s lived there and they could also set up at corporate office
Let's take a close look at these numbers, shall we?
Notice that in virtually every category, the audit rate is less than 1.0%. The only exceptions are large C Corporations with assets over $1 million, and Sole Proprietors (Schedule C filers) with sales greater than $100,000 or less than $25,000.
Think about this for a moment -- your chances of getting audited are probably less than 1 in a 100.
Do you like those odds? I sure hope so.
The IRS doesn't have the resources to conduct widescale audits. That's just the way it is.
Now, how should this good news about IRS audit rates effect you? I can think of at least three ways:
1. When it comes t
The use of repetition can also be very effective when telling a story. Repetition creates familiarity with your ideas, which in turn builds positive association. Repetition also makes a message more memorable. You need to repeat your message several times so your audience understands precisely what you are talking about and what you want them to do. This doesn't mean that you should sound like a broken record. You can repeat the message several times without sayin
Do you like those odds? I sure hope so.
The IRS doesn't have the resources to conduct widescale audits. That's just the way it is.
Now, how should this good news about IRS audit rates effect you? I can think of at least three ways:
1. When it comes to your attitude toward the IRS, cheer up and take heart. The likelihood of an audit is slim. I meet people everyday who appear to be well-adjusted and successful, but just bring up those dreaded letters, "IRS", and they turn into a paranoid basket-case.
There's no need for such irrational fear. You've seen the numbers. Let the facts control your emotions, not myths and misconceptions.
2. Keep these audit rates in mind when deciding what deductions to take. I am not recommending that you cheat on your tax returns, but I am suggesting that you consider being more aggressive. If the item in question is not fraud, and if you have at least an arguable position, these low audit rates lend merit to the old saying "when in (reasonable) doubt, deduct it".
3. The low audit rates should NOT give you reason to become sloppy in your recordkeeping. Please do not take the attitude, "Well, since there is such a small chance of being audited, why keep records at all? Who needs all this paperwork?"
Who needs to keep accurate records of income and expense, even if the odds of an audit are low?
YOU DO!
If you are serious about being successful in business, you will want to know how the business is doing, right?
And if you think that your checking account balance is an accurate indication of the success or failure of your business, you are mistaken.
Su
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