IRS shows a simple way to avoid income tax audit

Lou Carlozo
Updated
wringer
wringer

The tax gods smiled on me when they made me the younger brother of a CPA -- a guy who saved my butt countless times back in the day when I didn't know a tax return from toilet paper. Thus I've always had the advantage of instant, free tax advice when I need it.

Yet no matter how many times I asked Brother Joe about beating the IRS audit system, he was always pretty cautious, and 100 percent truthful. "There's no fool-proof way to do it," he'd tell me.

But now comes news from the most unlikely of sources -- the IRS itself -- that your chances of being audited are 1 in 100 if you follow one simple rule: Show an income under $200,000.

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
Go Now

Advertisement

Take Advantage of Two Education Tax Credits
The American Opportunity credit and the Lifetime Learning tax credit can make higher education costs more affordable.
Read MoreBrought to you byTurboTax.com
Can I Deduct My Computer for School on Taxes?
You may be able to get back part of the cost of that computer you're using for school on your income taxes.
Read MoreBrought to you byTurboTax.com
Bigger, Better College Tax Credit
The American Opportunity tax credit, which replaced the Hope Scholarship credit in 2009, covers more years of college and offers bigger, better benefits to more taxpaying students or their families. Here's how the American Opportunity tax credit and Lifetime Learning credit, another helpful education tax credit, can help offset the rising cost of attending college.
Read MoreBrought to you byTurboTax.com
EA vs. CPA Tax Professionals: What?s the Difference?
If you?re interested in professional help with your taxes, you might be wondering what types of specialists there are and which one you need. An enrolled agent and a certified public accountant are both tax experts, but when you should work with an EA vs CPA differs based on your needs. Here's an overview of both.
Read MoreBrought to you byTurboTax.com