Tax Documents: Why you might want to keep them around - Quincy News, Weather, Sports, and Radio

Tax Documents: Why you might want to keep them around


The headache is over for many, but that doesn't mean you're out of the water just yet.

Now that your taxes are in the IRS could still choose to audit you.

The IRS says it only audits about one percent of taxpayers.

But tax specialist Tera Schultz says there are some things that tend to catch its attention more than others.

"If you are a person who claims a pretty low income and also claims really high deductions, that's something the IRS is going to look a little more closely at you," said Schultz.

Also if you run a business dealing mostly in cash, Schultz says your chances of being audited could be a little higher.

So, Schultz says, if you don't fall into one of those groups or you don't make a lot of money,

the chances of being audited actually tend to go down.

She says if you have all the documents and you were truthful on your taxes,

you should be ok.

But, Schultz says, there is one thing the IRS can't stand.

"The important thing is to stay calm and cooperate," said Schultz. "The only thing the IRS really dislikes is being ignored. So pay attention to those letters. Respond."

So, Schultz says, work with them.

She says You can actually bring your CPA with you as moral support or to translate all the tax talk into laymen's terms.

Schultz says when that audit is done and over with - it's rare - but some taxpayers might have a pleasant surprise.

"People get audited and it turns out that the IRS goes through everything and they say well 'you should have deducted this' or you should have done this this way instead of this way and you walk out with the IRS writing you a check," said Schultz. "It does happen."

Only about one percent of people will be audited by the IRS and Schultz says the more money it might get out of you the higher your chances are for getting audited.

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