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WKBT April 30, 2021 9:00 AM MoneyTips Posted: Updated: What two words cause the most panic to Americans? There are probably a hundred funny responses running through your mind right now, but we were thinking of a less humorous response: “IRS audit.” Your odds of avoiding an audit are usually pretty good. The IRS reviewed 771,095 in fiscal year (FY) 2019, resulting in a low audit rate of 0.4%. Raising red flags in your return are likely to increase your odds of being audited. Some of these cannot be avoided, but others are essentially errors in judgment. You Are Wealthy – The IRS disproportionately audits wealthier Americans. Why? As the famous bank robber Willie Sutton allegedly said, “Because that’s where the money is.” Think of it as a return on investment of IRS time. As Betterment Head of Tax Eric Bronnenkant puts it, “The IRS audits wealthy people because they’re the ones who are the most likely to get an adjustment out of it.”

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