Tax Audits

Banks Open Today

Think twice before you head to the bank on a holiday or Sunday. Make sure your bank of choice is open before you make the drive with this comprehensive and updated list of banks open today.

Read More


Stay current on all the financial news you need to make better decisions for your wallet. Being in the know about decisions from the Fed and the government can influence how you spend and save.

Read More

Filing Taxes

Before you file your taxes, make sure you are getting all the benefits and breaks available. GOBankingRates provides the in-depth information you need to get the biggest tax refund you deserve.

Read More


Each year in April, you’re expected to file your tax return for the previous year. GOBankingRates outlines all tax deductions and credits so you don’t miss out on opportunities that can reap valuable tax refunds.

Read More

More in Tax Audit


Understanding Tax Audits

An IRS tax audit happens when the IRS examines your tax return to make sure you filed your taxes correctly. Specifically, it double checks your income and deductions to verify the accuracy of your return.

Few taxpayers are chosen at random for a tax audit. If you make up to $100,000 a year, your chances of being selected for an IRS audit are less than 1 percent.

There are three types of audits the government performs: mail audits, office audits and field audits. Mail audits are the most common; the other two types of audits are more thorough and take longer.

Sometimes tax audit candidates are chosen at random. In many cases, however, a red flag is cause for further investigation. Common red flags include not reporting all of your income, taking large deductions that don’t match up with your income and earning more than $200,000 a year.