Audit-proofing your taxes

Credit: DaytonDailyNews

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Audit-proofing your taxes

Credit: DaytonDailyNews

First, the good news.  The IRS is auditing fewer taxpayers.

In fact, audits are at an all-time low. You can't completely audit-proof your tax returns, but there are ways to make your chance of an IRS investigation less likely. 
Failing to report taxable income and cryptocurrency income, are among Kiplinger's Personal Finance magazine's list of audit red flags.

Math errors, sizeable donations, home office deductions and deductions of unreimbursed business expenses, for example, commuting costs and clothing, are also going to raise eyebrows at the IRS.

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One of the biggest red flags is income.

The more money you make the more likely you’ll be scrutinized by the IRS, according to Kiplinger’s Personal Finance magazine.

If you make $200,00 or more, there is a one in 80 chance of an audit, and if you make more than $1 million your odds are one in 25, according to Clark Howard’s website, Clark.com.

News Center 7 consumer reporter Rachel Murray will have insight from a local tax preparer about ways to audit-proof your tax return tonight on WHIO-TV at 5.