In a nation based on the values of liberty and equality, someone's income level shouldn't really affect their chances of an IRS tax audit. After all, equality before the law is such a key value for us as Americans.
So what are the odds, overall, of the IRS targeting your return for a tax audit? The answer varies, of course, depending on certain factors. It's important to minimize your risks of an audit by taking common sense steps to protect yourself. As we discussed in our January 29 post, these can doing these like keeping records of charitable contributions and including all types of income.
An IRS audit: To taxpayers, the words are usually about as welcome as the words "root canal" are to dental patients. They are not to be sought out, and so serve as a caution against an overly aggressive tax strategy.