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Video instructions and help with filling out and completing Fill Form 1094 B Import

Instructions and Help about Fill Form 1094 B Import

Hello everyone Steve rebel with shriek my taxes here bringing you another quick tax topic video a lot of people are afraid of IRS audits some people are so afraid in fact that they won't take a legitimate deduction on their tax return because they don't want to raise any red flags one of the top ten red flags is the home office deduction so today I thought we'd spend some time to walk you through what you need to know in order to take this deduction the right way let's begin by finding out what you're up against one of the chances of you facing an IRS audit well the most recent data you look at last year overall about 1.1 percent of all tax returns ended up getting audited that comes out to about one out of every 90 tax returns if your income increases your chances of getting audited also increase about twelve and a half percent of taxpayers with incomes over a million dollars ended up getting audited four percent of taxpayers with incomes between 200,000 and a million dollars ended up receiving an IRS audit while just over one percent of taxpayers with incomes under 200,000 ended up getting an IRS audit business returns actually or even less under one percent point six three percent of all business returns got an IRS fought it for tax year 2023 what happens if you lose an audit if the IRS disallows the deduction you're gonna get hit with not only the taxes due but you also get hit with penalties and interest and that's not fun so let's look at the home office deduction and how you can do this the right way this data is gonna come out of IRS publication 587 if you want to...

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