Does Itemizing Increase My Audit Risk?

Itemizing deductions in itself does not increase the chances of being audited. If we reference the latest IRS statistics, the taxpayer’s income is more of a factor than whether or not they itemized. Specifically: Most basic tax returns with less than $200,000 in income and without any business or investment income have a 0.3% chance […]

Should I Itemize Or Claim The Standard Deduction?

The obvious answer is that if your itemized expenses exceed the standard deduction, you should itemize. That being said, if you don’t have the actual receipts and supporting documentation to justify claiming those expenses, then you run the risk of losing those deductions as a result of an audit, which can be costly from an […]