Does itemizing my deductions make me more of an audit target?
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Tax Professional Answers
William Keats
It does not usually make a difference whether you use the standard deduction or itemize, unless the itemized deductions are out of line when compared to the income. Otherwise, your chances of an audit are lower now than ever before. After dramatic audit increases in incomes over $200,000 in 2011, the audit rates have come down slightly, but still at least 2x the rates in 2008.
Automatic spending cuts from sequestration could impact the audit rates in 2013. Play it safe, and retain supporting documents for as long as they may be needed.
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555 weeks ago
Automatic spending cuts from sequestration could impact the audit rates in 2013. Play it safe, and retain supporting documents for as long as they may be needed.