IRS audit
I'm always stressed to have done a mistake when I filed my taxes. How long does it take for the IRS after filing to audit, from your experience ? Google says 3 years. How do I know if I've been filing well and can relax? do you have more chances getting audited if you do it electronically vs old school papers? Thanks TC: 150k
Yeah that’s why I pay a CPA who specializes in tech taxes... few hundred dollars a year well worth not having any added stress. I have never even thought about being audited.
I did this at first but the guy told me it was too complex for him (rsu, bitcoin, sold some foreign stock...). So I tried turbo tax and I was like "wow that's easy!" Now I regret it as I think I can have screw things up
CPA told you it was too hard or some tax prep dude at the mall?
I think 3 years is the audit, so you will always have a rolling 3 years to worry about. Did you omit something, that you are hoping rolls off the 3 years?
I think I did it well. But I'm having a complex tax situation
Keep your stubs and receipts for 3 years after filing in case you are audited. Look up the "Audit defense" perk from turbo tax. Could give you peace of mind.
TC? Reality is unless you are really banking, $500k+ chances are pretty slim they would waste time with you. If bulk of your income is coming from W2, it is pretty low risk.
I vested many stocks option which was close to 700k that year...
IRS is understaffed and focus mostly on low income people.
No one can do their taxes perfectly. You try your best. Audits are few and far between but when they happen it's fine. They can audit anytime up to 7 years. Most are 1 visit and a chat. Not worth stressing over as long as you are not purposely trying something shady. If you are w2 employee you have a very low chance
That's reassuring thank you very much
7 years ? Damm what if I don't have all the reciepts with me ?
What kind of mistakes are you worried about making, like leaving a couple zeros off?
I worry because it is my first time and it was really complicated