Here’s why your tax return may be flagged by the IRS.
or stimulus payment errors are likely to get flagged this season, other write-offs tend to be perennial issues., targeted at low- to middle-income families, is valuable because it's refundable, meaning you can still get a refund with zero taxes due, Silversmith said.
"If you claim the earned income tax credit while self-employed, that is a big red flag," he said. "You need to have receipts for income, not just deductions."CFP and CPA at Enlight Financialor a vehicle because those must be exclusively for business purposes, which may be more difficult to prove."Round numbers are a tipoff that you're just making these numbers up," Shah said.
You don't have to be scared with the right paperwork to back up your returns, Shah added. If you receive notices and can provide proof, the IRS is generally "pretty reasonable."
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