Best Payroll and Timekeeping Services in Fairfax, VA

Chances of getting audited by the IRS When we heard “IRS Audit” brings anxiety and a cloud of hassles in the mind of every taxpayer. Then what are the chances of getting audited by IRS? This included different factors. The first factor is basic on certain norms a parameters that IRS decided internally every year. IRS just feed these norms and get the computer select it randomly. The second factor is based in the activities of the business such income, and deductions of the taxpayer. For example, if you have a Schedule C that reporting a business income for independent contractor or unincorporated business owners you increased audit risk. Another thing increases an audit is when you have losses in general, capital losses, losses for investments and losses from rental properties. The losses reduce the income tax, and many times increase the risk of the audit. If you have a loss of $1,000 the risk of audit it could be minimum but if you have a loss of $60,000 you risk increase. You have taken in consideration certain expenses and deductions compare with your income. Income wise selection based in the adjust gross income $1 – $25,000K​​​ 0.70% $25,000 – $200,000​​ 0.40% $200,000 – $500,000​​ 0.60% $500,000 – $1,000.000​ 1.10% $1,000,000 - $5,000,000 ​2.50% $5,000,000 – $10,000,000 5.10%...