⏰Tax Tip⏰
Don't risk a tax audit. Here are 4 reasons the IRS may flag 🚩🚩your return!
1️⃣Excessive credits or deductions compared to income
For example, your return may get flagged if you made $100,000 and claimed $70,000 in charitable deductions.
2️⃣Missing income
Your return must reflect what's been reported by employers and financial institutions
3️⃣Refundable credits
The IRS also reviews refundable tax credits more carefully since filers can still receive the tax credit with zero balance due.
4️⃣Round numbers
Deductions with rounded expenses may raise eyebrows.