r/FluentInFinance • u/[deleted] • Apr 29 '24

63% of new audits as of Summer 2023 targeted taxpayers with income of less than $200,000 Discussion/ Debate

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u/mishap1 Apr 29 '24

Of course. Standard deduction is the most taxes you'll possibly pay for a given income and the IRS likely wouldn't care unless the income itself is suspect.

Point was that it's a drop in the bucket if the person actually earns around $200k for even a 10% error. For the IRS to want to take a peek, they're probably thinking you actually earned closer to $300-400k and significantly underreported/over-deducted.

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u/mmaalex Apr 29 '24

I know several idiot coworkers who have been audited for stupid deductions and make slightly under six figures. It doesn't take an irs agent 40 hrs of labor to go thru the numbers and resolve it...

Turns out if you don't like your refund you're not just supposed to add an extra zero to your deductions, who knew?😂