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The many myths of a tax audit

When it comes to your tax situation, you always have a lot on your mind. Most importantly, you never want to run into trouble with the Internal Revenue Service or your state taxing authority. But no matter how hard you try, there could come a point when you are subjected to an audit.

There are many myths associated with a tax audit, including the following;

-- An audit always means you will owe more money. This is not true, especially if you did everything right the first time around.

-- Hiring a professional means you will never be audited. It would be nice if this were the case, but it is anything but true. It doesn't matter who prepares your return. There is always a chance that you could be audited.

-- Only the highest income earners are audited. This isn't true in any way, as the IRS will audit anyone, regardless of how much income they claim.

These are the types of tax audit myths that get people mixed up. If you believe these to be true, you could soon find your situation becoming more and more complicated.

While some tax audits are easily taken care of, others are the beginning of a major problem. There is a chance the IRS could accuse you of something serious, such as sheltering income. When this happens, criminal charges could come next.

Since there is so much gray area in regards to IRS code, you don't want to take an audit lightly. Furthermore, if you are charged with any sort of tax crime, don't hesitate to learn more about your rights and how to defend yourself.

Source: TurboTax, "Top 5 Myths About Tax Audits," accessed July 21, 2016

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