Jim Meade / Iowa City
Senior Advisor
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12-09-2012
01:47 PM
How To Get Audited
Here are some tips on flags that the IRS may look for to trigger an audit.
https://www.usaa.com/inet/pages/advice_audit_proof?sf7490598=1
1. High incomes.
2. Large itemized deductions
3. Home offices.
4. Missing investment income
5. Incomplete returns.
6. Business losses.
7. Charitable deductions.
8. Medical expenses.
Of course, farmers typically are involved in several or even most of them every year, so I don't know if this is all that helpful for the ag sector.
1 Reply
kraft-t
Senior Advisor
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12-09-2012
04:22 PM
One thing about a good CPA
If your have some unusual items that might trigger an audit, the CPA may send along a note explaining the extrordinary item.