Here's How Likely You Are To Get Audited By The IRS
If there are fewer than seven figures on your paycheck, it's time to breathe easy. Research shows the IRS couldn't be bothered by anyone short of a millionaire.
Filers earning more than $1 million were eight times as likely to be audited as the rest of taxpayers in 2011 and nearly three times as likely as those earning between $200,000 and $1 million, according to TurboTax.
In fact, just over 1 percent of tax returns were audited at all –– that's 1.5 million returns out of 140 million total.
Another myth that's been debunked is the idea of a knock on the front door by way of an agency representative. The vast majority of individual audits are sent via snail mail rather than in-person visits (78% vs. 22%).
Read on to see how the auditing process really works.
