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What Are Your Odds of Being Audited By the IRS?

Though the fear of an audit is great, the risk is actually extremely low. Fewer than 1% of Americans have their Federal taxes audited. In fact, the percentage has been declining recently due to Internal Revenue Service budget cuts. In 2016, just 0.7% of individual returns were audited (1 of every 143). That compares to 1.1% of individual returns in 2010.1,2

Nathan Cacka, CPA