The 10 People Most Likely To Be Audited. Are You One Of Them?
People Who Deduct Business Expenses
Schedule C, where the self-employed make tax deductions, is a goldmine for the IRS. Entrepreneurs are known to claim excessive deductions and underreporting income. High-grossing sole proprietorships are favorites for auditors. Make sure you keep your receipts and keep detailed records that document each expense, and its business purpose.