Taxes are due on April 17th this year, which is this coming Tuesday. If that’s news to you, it might be time to panic . . . or just file for an extension.
But the good news is your chances of being audited are the lowest they’ve been in 15 YEARS.
According to stats from the IRS, only about 1 in 160 tax returns were audited last year. That’s the lowest it’s been since 2002. The highest was in 2010 and 2011 when 1 in 90 people got audited.
And it could drop even lower, because IRS funding was slashed by about 8% last year, and over 7,000 auditing jobs went away. Whether you think that’s good or not is up for debate, but it does mean you’re probably less likely to get audited this time around.
If you made less than $200,000 last year, you have about a 0.6% chance of an audit, compared to around 1% in 2011.
If you made MORE than that, your chances are higher. But even the odds for people who made over $1 million are way down, from 12% in 2011 to 4% now.