Odds of Being Audited by the IRS Are the Lowest in 15 Years
Tax time might be a little less stressful this year thanks to cut backs from the IRS.
Taxes are due on April 17th which means if you have not done them yet, start panicking or file for extension.
Here is some good news though. According to stats from the IRS, 1 in 160 tax returns were audited last year. That's the lowest it's been since 2002.
There is a chance those numbers could even go down more. The IRS funding was slashed by about 8% last year and over 7,000 auditing jobs went away as well. This means it's less likely you will get audited this time around.
If you made less than $200,000 last year, you have about a 0.6% chance of an audit, in 2011 you were 1% more likely to get audited.
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.