Getting audited might be one of Americans' biggest fears, but what are the odds your turn will come up next? According to data compiled by the accounting resources directory, Best Online Accounting Degree.org, there were about 1.5 million audits conducted on taxes filed in 2011. That may sound like a lot, but consider that of the total 141 million returns filed that year, only 1 percent of people were actually audited.
High earners may have more to worry about, according to the data: 8.4 percent of individuals who made over $1 million a year were audited. On the bright side, the risk of being audited is lower for small-business owners. S corps and partnerships were audited only 0.4 percent of the time.
For more on signs that you might be audited, check out the
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Posted By: Stan Ivaciov
Wednesday, July 17th 2013 at 1:44PM
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