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What are 8 common reasons for getting audited by the IRS?
Manage episode 438264957 series 3562735
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Have you ever thought about what could cause an IRS audit? Tune in to this episode of the Ask Ralph Show with Ralph Estep Jr. as he discusses the topic of IRS audits. What are 8 common reasons for getting audited by the IRS? With Ralph Estep, Jr.
In this episode of the Ask Ralph show, host Ralph Estep, Jr. addresses the anxiety-inducing topic of IRS audits. He starts by delving into a listener's question regarding audit concerns for small business owners. Ralph outlines the 8 most common IRS audit triggers, including unreported income, home office deductions, excessive business expenses, and round numbers, sharing real-life client stories to illustrate the risks involved. He offers practical advice and strategies to avoid triggering an audit, emphasizing honesty, accurate record-keeping, and promptly responding to IRS notices.
00:00 Episode Overview
01:21 Listener's Question
03:26 Bible Verse
04:02 Top 8 Reasons for IRS Audits
17:38 Strategies to Avoid an IRS Audit
18:56 Conclusion
Prior Show (How do I prepare for an audit of my home office expenses?)
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