IRS Audit Red Flags – My Top 5!

If you prepare your own personal #incometax returns, you need to be aware of various Red Flags for an #IRS audit. These red flags include possible income items as well as over inflated #deductions. While you should take advantage of all legitimate write-offs to minimize your taxable income, you should also be prepared for an #audit if you have unusual activity to report. So this video includes my “Top 5” mistakes that I have seen in my career as a #CPA. As a preview, my #5 red flag about reporting excessive business travel is VERY common. There is legitimate business travel that you should deduct on your income tax return. But what about the family vacation where you meet with a client for lunch one day? You may be tempted to write-off that entire vacation but that could get you into trouble. Please contact me if you have any questions about these red flags or the preparation of your personal income tax returns.