Are you leaving yourself open to an IRA audit? Proper documentation and looking out for these IRS audit triggers will give you a better chance at a peaceful tax season. Marina Parkin (Koontz & Parkin, CPAs) and Jo Ann Koontz (Koontz & Associates, PL) breakdown some of the most popular IRS triggers. Listen to learn how to avoid these triggers.
0:00 Brokerage statements: Capital gains, losses, interest, dividends.
7:47 Sole proprietorship, schedule C and increase audit potential. Tips on tracking expenses.
19:20 Auto expenses.
23:26 Travel, meals and entertainment.
27:29 Consistent business losses.
30:06 Rental loss.
33:32 Health care premium tax credits.
37:49 Charitable donations.
41:32 Large withdrawal for retirement accounts.
43:05 International assets.
46:01 Cryptocurrency.